Correlation Between Siemens Healthineers and WINMARK
Can any of the company-specific risk be diversified away by investing in both Siemens Healthineers and WINMARK at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Siemens Healthineers and WINMARK into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Siemens Healthineers AG and WINMARK, you can compare the effects of market volatilities on Siemens Healthineers and WINMARK and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Siemens Healthineers with a short position of WINMARK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Siemens Healthineers and WINMARK.
Diversification Opportunities for Siemens Healthineers and WINMARK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Siemens and WINMARK is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Siemens Healthineers AG and WINMARK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WINMARK and Siemens Healthineers is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Siemens Healthineers AG are associated (or correlated) with WINMARK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WINMARK has no effect on the direction of Siemens Healthineers i.e., Siemens Healthineers and WINMARK go up and down completely randomly.
Pair Corralation between Siemens Healthineers and WINMARK
If you would invest (100.00) in WINMARK on October 10, 2024 and sell it today you would earn a total of 100.00 from holding WINMARK or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Siemens Healthineers AG vs. WINMARK
Performance |
| Timeline |
| Siemens Healthineers |
| WINMARK |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Siemens Healthineers and WINMARK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Siemens Healthineers and WINMARK
The main advantage of trading using opposite Siemens Healthineers and WINMARK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Siemens Healthineers position performs unexpectedly, WINMARK can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in WINMARK will offset losses from the drop in WINMARK's long position.| Siemens Healthineers vs. Thermo Fisher Scientific | Siemens Healthineers vs. Danaher | Siemens Healthineers vs. Agilent Technologies |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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