Correlation Between Chengtun Mining and Chison Medical
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By analyzing existing cross correlation between Chengtun Mining Group and Chison Medical Technologies, you can compare the effects of market volatilities on Chengtun Mining and Chison 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 Chengtun Mining with a short position of Chison Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengtun Mining and Chison Medical.
Diversification Opportunities for Chengtun Mining and Chison Medical
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Chengtun and Chison is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Chengtun Mining Group and Chison Medical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chison Medical Techn and Chengtun Mining 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 Chengtun Mining Group are associated (or correlated) with Chison Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chison Medical Techn has no effect on the direction of Chengtun Mining i.e., Chengtun Mining and Chison Medical go up and down completely randomly.
Pair Corralation between Chengtun Mining and Chison Medical
Assuming the 90 days trading horizon Chengtun Mining Group is expected to generate 1.7 times more return on investment than Chison Medical. However, Chengtun Mining is 1.7 times more volatile than Chison Medical Technologies. It trades about 0.21 of its potential returns per unit of risk. Chison Medical Technologies is currently generating about 0.01 per unit of risk. If you would invest 889.00 in Chengtun Mining Group on September 8, 2025 and sell it today you would earn a total of 504.00 from holding Chengtun Mining Group or generate 56.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengtun Mining Group vs. Chison Medical Technologies
Performance |
| Timeline |
| Chengtun Mining Group |
| Chison Medical Techn |
Chengtun Mining and Chison Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengtun Mining and Chison Medical
The main advantage of trading using opposite Chengtun Mining and Chison Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengtun Mining position performs unexpectedly, Chison 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 Chison Medical will offset losses from the drop in Chison Medical's long position.| Chengtun Mining vs. Zhongyin Babi Food | Chengtun Mining vs. Offshore Oil Engineering | Chengtun Mining vs. Youyou Foods Co | Chengtun Mining vs. Gansu Huangtai Wine marketing |
| Chison Medical vs. De Rucci Healthy | Chison Medical vs. Youngy Health Co | Chison Medical vs. Sportsoul Co Ltd | Chison Medical vs. Huizhou Speed Wireless |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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