Correlation Between Citic Offshore and Maccura Biotechnology
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By analyzing existing cross correlation between Citic Offshore Helicopter and Maccura Biotechnology Co, you can compare the effects of market volatilities on Citic Offshore and Maccura Biotechnology 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 Citic Offshore with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citic Offshore and Maccura Biotechnology.
Diversification Opportunities for Citic Offshore and Maccura Biotechnology
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Citic and Maccura is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Citic Offshore Helicopter and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Citic Offshore 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 Citic Offshore Helicopter are associated (or correlated) with Maccura Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maccura Biotechnology has no effect on the direction of Citic Offshore i.e., Citic Offshore and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Citic Offshore and Maccura Biotechnology
Assuming the 90 days trading horizon Citic Offshore Helicopter is expected to generate 1.66 times more return on investment than Maccura Biotechnology. However, Citic Offshore is 1.66 times more volatile than Maccura Biotechnology Co. It trades about 0.13 of its potential returns per unit of risk. Maccura Biotechnology Co is currently generating about -0.19 per unit of risk. If you would invest 2,217 in Citic Offshore Helicopter on November 6, 2024 and sell it today you would earn a total of 103.00 from holding Citic Offshore Helicopter or generate 4.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citic Offshore Helicopter vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Citic Offshore Helicopter |
| Maccura Biotechnology |
Citic Offshore and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citic Offshore and Maccura Biotechnology
The main advantage of trading using opposite Citic Offshore and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citic Offshore position performs unexpectedly, Maccura Biotechnology 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 Maccura Biotechnology will offset losses from the drop in Maccura Biotechnology's long position.| Citic Offshore vs. Shandong Kuntai New | Citic Offshore vs. Malion New Materials | Citic Offshore vs. Shandong Sanyuan Biotechnology | Citic Offshore vs. Easyhome New Retail |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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