Correlation Between Guangzhou Seagull and Maccura Biotechnology
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By analyzing existing cross correlation between Guangzhou Seagull Kitchen and Maccura Biotechnology Co, you can compare the effects of market volatilities on Guangzhou Seagull 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 Guangzhou Seagull with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Seagull and Maccura Biotechnology.
Diversification Opportunities for Guangzhou Seagull and Maccura Biotechnology
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Guangzhou and Maccura is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Seagull Kitchen and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Guangzhou Seagull 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 Guangzhou Seagull Kitchen 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 Guangzhou Seagull i.e., Guangzhou Seagull and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Guangzhou Seagull and Maccura Biotechnology
Assuming the 90 days trading horizon Guangzhou Seagull Kitchen is expected to under-perform the Maccura Biotechnology. In addition to that, Guangzhou Seagull is 2.4 times more volatile than Maccura Biotechnology Co. It trades about -0.1 of its total potential returns per unit of risk. Maccura Biotechnology Co is currently generating about -0.23 per unit of volatility. If you would invest 1,420 in Maccura Biotechnology Co on October 30, 2024 and sell it today you would lose (185.00) from holding Maccura Biotechnology Co or give up 13.03% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Guangzhou Seagull Kitchen vs. Maccura Biotechnology Co
Performance |
Timeline |
Guangzhou Seagull Kitchen |
Maccura Biotechnology |
Guangzhou Seagull and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Guangzhou Seagull and Maccura Biotechnology
The main advantage of trading using opposite Guangzhou Seagull and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Seagull 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.Guangzhou Seagull vs. Fiberhome Telecommunication Technologies | Guangzhou Seagull vs. Dhc Software Co | Guangzhou Seagull vs. Kuang Chi Technologies | Guangzhou Seagull vs. Wuhan Yangtze Communication |
Maccura Biotechnology vs. Agricultural Bank of | Maccura Biotechnology vs. Industrial and Commercial | Maccura Biotechnology vs. Bank of China | Maccura Biotechnology vs. PetroChina Co Ltd |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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