Correlation Between HanS Laser and Cansino Biologics
Specify exactly 2 symbols:
By analyzing existing cross correlation between HanS Laser Tech and Cansino Biologics, you can compare the effects of market volatilities on HanS Laser 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 HanS Laser with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Cansino Biologics.
Diversification Opportunities for HanS Laser and Cansino Biologics
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between HanS and Cansino is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and HanS Laser 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 HanS Laser Tech 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 HanS Laser i.e., HanS Laser and Cansino Biologics go up and down completely randomly.
Pair Corralation between HanS Laser and Cansino Biologics
Assuming the 90 days trading horizon HanS Laser is expected to generate 1.21 times less return on investment than Cansino Biologics. But when comparing it to its historical volatility, HanS Laser Tech is 1.4 times less risky than Cansino Biologics. It trades about 0.03 of its potential returns per unit of risk. Cansino Biologics is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 5,365 in Cansino Biologics on October 12, 2024 and sell it today you would earn a total of 146.00 from holding Cansino Biologics or generate 2.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HanS Laser Tech vs. Cansino Biologics
Performance |
| Timeline |
| HanS Laser Tech |
| Cansino Biologics |
HanS Laser and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Cansino Biologics
The main advantage of trading using opposite HanS Laser and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser 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.| HanS Laser vs. Dezhan HealthCare Co | HanS Laser vs. Youngy Health Co | HanS Laser vs. HaiXin Foods Co | HanS Laser vs. Anhui Huaren Health |
| Cansino Biologics vs. Sharetronic Data Technology | Cansino Biologics vs. HanS Laser Tech | Cansino Biologics vs. JiShi Media Co | Cansino Biologics vs. Cabio Biotech Wuhan |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |