Correlation Between Tsingtao Brewery and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both Tsingtao Brewery and IMAGIN MEDICAL 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 Tsingtao Brewery and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tsingtao Brewery and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on Tsingtao Brewery and IMAGIN MEDICAL 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 Tsingtao Brewery with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tsingtao Brewery and IMAGIN MEDICAL.
Diversification Opportunities for Tsingtao Brewery and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tsingtao and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Tsingtao Brewery and IMAGIN MEDICAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IMAGIN MEDICAL INC and Tsingtao Brewery 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 Tsingtao Brewery are associated (or correlated) with IMAGIN MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IMAGIN MEDICAL INC has no effect on the direction of Tsingtao Brewery i.e., Tsingtao Brewery and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between Tsingtao Brewery and IMAGIN MEDICAL
If you would invest 588.00 in Tsingtao Brewery on October 30, 2024 and sell it today you would earn a total of 5.00 from holding Tsingtao Brewery or generate 0.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tsingtao Brewery vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| Tsingtao Brewery |
| IMAGIN MEDICAL INC |
Tsingtao Brewery and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tsingtao Brewery and IMAGIN MEDICAL
The main advantage of trading using opposite Tsingtao Brewery and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tsingtao Brewery position performs unexpectedly, IMAGIN MEDICAL 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 IMAGIN MEDICAL will offset losses from the drop in IMAGIN MEDICAL's long position.| Tsingtao Brewery vs. ZURICH INSURANCE GROUP | Tsingtao Brewery vs. Autohome ADR | Tsingtao Brewery vs. HANOVER INSURANCE | Tsingtao Brewery vs. UNIQA INSURANCE GR |
| IMAGIN MEDICAL vs. Abbott Laboratories | IMAGIN MEDICAL vs. Abbott Laboratories | IMAGIN MEDICAL vs. Medtronic PLC | IMAGIN MEDICAL vs. Stryker |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |