Correlation Between Hunan TV and Maccura Biotechnology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hunan TV Broadcast and Maccura Biotechnology Co, you can compare the effects of market volatilities on Hunan TV 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 Hunan TV with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan TV and Maccura Biotechnology.
Diversification Opportunities for Hunan TV and Maccura Biotechnology
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hunan and Maccura is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Hunan TV Broadcast and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Hunan TV 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 Hunan TV Broadcast 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 Hunan TV i.e., Hunan TV and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Hunan TV and Maccura Biotechnology
Assuming the 90 days trading horizon Hunan TV Broadcast is expected to under-perform the Maccura Biotechnology. In addition to that, Hunan TV is 1.77 times more volatile than Maccura Biotechnology Co. It trades about -0.21 of its total potential returns per unit of risk. Maccura Biotechnology Co is currently generating about 0.05 per unit of volatility. If you would invest 1,406 in Maccura Biotechnology Co on September 4, 2024 and sell it today you would earn a total of 23.00 from holding Maccura Biotechnology Co or generate 1.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan TV Broadcast vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Hunan TV Broadcast |
| Maccura Biotechnology |
Hunan TV and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan TV and Maccura Biotechnology
The main advantage of trading using opposite Hunan TV and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan TV 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.| Hunan TV vs. Tianjin Silvery Dragon | Hunan TV vs. Sunny Loan Top | Hunan TV vs. China Express Airlines | Hunan TV vs. Pengxin International Mining |
| Maccura Biotechnology vs. Shandong Longquan Pipeline | Maccura Biotechnology vs. Lutian Machinery Co | Maccura Biotechnology vs. Hangzhou Pinming Software | Maccura Biotechnology vs. Long Yuan Construction |
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 Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |