Correlation Between Soyea Technology and Cansino Biologics
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By analyzing existing cross correlation between Soyea Technology Co and Cansino Biologics, you can compare the effects of market volatilities on Soyea Technology and Cansino Biologics 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 Soyea Technology with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soyea Technology and Cansino Biologics.
Diversification Opportunities for Soyea Technology and Cansino Biologics
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Soyea and Cansino is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Soyea Technology Co and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and Soyea Technology 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 Soyea Technology Co are associated (or correlated) with Cansino Biologics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cansino Biologics has no effect on the direction of Soyea Technology i.e., Soyea Technology and Cansino Biologics go up and down completely randomly.
Pair Corralation between Soyea Technology and Cansino Biologics
Assuming the 90 days trading horizon Soyea Technology Co is expected to generate 1.37 times more return on investment than Cansino Biologics. However, Soyea Technology is 1.37 times more volatile than Cansino Biologics. It trades about -0.02 of its potential returns per unit of risk. Cansino Biologics is currently generating about -0.15 per unit of risk. If you would invest 542.00 in Soyea Technology Co on October 30, 2024 and sell it today you would lose (21.00) from holding Soyea Technology Co or give up 3.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Soyea Technology Co vs. Cansino Biologics
Performance |
| Timeline |
| Soyea Technology |
| Cansino Biologics |
Soyea Technology and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soyea Technology and Cansino Biologics
The main advantage of trading using opposite Soyea Technology and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soyea Technology position performs unexpectedly, Cansino Biologics 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 Cansino Biologics will offset losses from the drop in Cansino Biologics' long position.| Soyea Technology vs. Ningbo Tip Rubber | Soyea Technology vs. Fuda Alloy Materials | Soyea Technology vs. Mingchen Health Co | Soyea Technology vs. Andon Health Co |
| Cansino Biologics vs. Zhongyin Babi Food | Cansino Biologics vs. Zhejiang Construction Investment | Cansino Biologics vs. Guilin Seamild Foods | Cansino Biologics vs. Tsingtao Brewery Co |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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