Correlation Between China Securities and Autobio Diagnostics
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By analyzing existing cross correlation between China Securities 800 and Autobio Diagnostics Co, you can compare the effects of market volatilities on China Securities and Autobio Diagnostics 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 China Securities with a short position of Autobio Diagnostics. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Autobio Diagnostics.
Diversification Opportunities for China Securities and Autobio Diagnostics
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between China and Autobio is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and Autobio Diagnostics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autobio Diagnostics and China Securities 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 China Securities 800 are associated (or correlated) with Autobio Diagnostics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autobio Diagnostics has no effect on the direction of China Securities i.e., China Securities and Autobio Diagnostics go up and down completely randomly.
Pair Corralation between China Securities and Autobio Diagnostics
Assuming the 90 days trading horizon China Securities 800 is expected to generate 1.06 times more return on investment than Autobio Diagnostics. However, China Securities is 1.06 times more volatile than Autobio Diagnostics Co. It trades about 0.1 of its potential returns per unit of risk. Autobio Diagnostics Co is currently generating about -0.31 per unit of risk. If you would invest 404,252 in China Securities 800 on November 4, 2024 and sell it today you would earn a total of 6,388 from holding China Securities 800 or generate 1.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. Autobio Diagnostics Co
Performance |
| Timeline |
China Securities and Autobio Diagnostics Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Autobio Diagnostics Co
Pair trading matchups for Autobio Diagnostics
Pair Trading with China Securities and Autobio Diagnostics
The main advantage of trading using opposite China Securities and Autobio Diagnostics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, Autobio Diagnostics 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 Autobio Diagnostics will offset losses from the drop in Autobio Diagnostics' long position.| China Securities vs. Healthcare Co | China Securities vs. Zoje Resources Investment | China Securities vs. Ningbo Ligong Online | China Securities vs. Cultural Investment Holdings |
| Autobio Diagnostics vs. Industrial and Commercial | Autobio Diagnostics vs. China Construction Bank | Autobio Diagnostics vs. Agricultural Bank of | Autobio Diagnostics vs. Bank of China |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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