Correlation Between Emdoor Information and Cansino Biologics
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By analyzing existing cross correlation between Emdoor Information Co and Cansino Biologics, you can compare the effects of market volatilities on Emdoor Information 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 Emdoor Information with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Emdoor Information and Cansino Biologics.
Diversification Opportunities for Emdoor Information and Cansino Biologics
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Emdoor and Cansino is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Emdoor Information Co and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and Emdoor Information 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 Emdoor Information 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 Emdoor Information i.e., Emdoor Information and Cansino Biologics go up and down completely randomly.
Pair Corralation between Emdoor Information and Cansino Biologics
Assuming the 90 days trading horizon Emdoor Information Co is expected to generate 2.93 times more return on investment than Cansino Biologics. However, Emdoor Information is 2.93 times more volatile than Cansino Biologics. It trades about -0.1 of its potential returns per unit of risk. Cansino Biologics is currently generating about -0.38 per unit of risk. If you would invest 5,203 in Emdoor Information Co on October 14, 2024 and sell it today you would lose (738.00) from holding Emdoor Information Co or give up 14.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Emdoor Information Co vs. Cansino Biologics
Performance |
| Timeline |
| Emdoor Information |
| Cansino Biologics |
Emdoor Information and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Emdoor Information and Cansino Biologics
The main advantage of trading using opposite Emdoor Information and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Emdoor Information 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.| Emdoor Information vs. Weichai Heavy Machinery | Emdoor Information vs. Ningbo Construction Co | Emdoor Information vs. Shaanxi Construction Machinery | Emdoor Information vs. Zhejiang Qianjiang Motorcycle |
| Cansino Biologics vs. Emdoor Information Co | Cansino Biologics vs. Pengxin International Mining | Cansino Biologics vs. Jonjee Hi tech Industrial | Cansino Biologics vs. Tibet Huayu Mining |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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