Correlation Between Eastroc Beverage and Winner Medical
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By analyzing existing cross correlation between Eastroc Beverage Group and Winner Medical Co, you can compare the effects of market volatilities on Eastroc Beverage and Winner 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 Eastroc Beverage with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Winner Medical.
Diversification Opportunities for Eastroc Beverage and Winner Medical
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Eastroc and Winner is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Eastroc Beverage 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 Eastroc Beverage Group are associated (or correlated) with Winner Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Medical has no effect on the direction of Eastroc Beverage i.e., Eastroc Beverage and Winner Medical go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Winner Medical
Assuming the 90 days trading horizon Eastroc Beverage is expected to generate 1.39 times less return on investment than Winner Medical. But when comparing it to its historical volatility, Eastroc Beverage Group is 1.58 times less risky than Winner Medical. It trades about 0.31 of its potential returns per unit of risk. Winner Medical Co is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 3,472 in Winner Medical Co on September 26, 2024 and sell it today you would earn a total of 715.00 from holding Winner Medical Co or generate 20.59% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Eastroc Beverage Group vs. Winner Medical Co
Performance |
Timeline |
Eastroc Beverage |
Winner Medical |
Eastroc Beverage and Winner Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Eastroc Beverage and Winner Medical
The main advantage of trading using opposite Eastroc Beverage and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage position performs unexpectedly, Winner 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 Winner Medical will offset losses from the drop in Winner Medical's long position.Eastroc Beverage vs. Jinling Hotel Corp | Eastroc Beverage vs. Harbin Hatou Investment | Eastroc Beverage vs. Jiangsu Yueda Investment | Eastroc Beverage vs. Hubei Geoway Investment |
Winner Medical vs. New China Life | Winner Medical vs. Ming Yang Smart | Winner Medical vs. 159681 | Winner Medical vs. 159005 |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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