Correlation Between Innovative Medical and Cansino Biologics
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By analyzing existing cross correlation between Innovative Medical Management and Cansino Biologics, you can compare the effects of market volatilities on Innovative Medical 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 Innovative Medical with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Innovative Medical and Cansino Biologics.
Diversification Opportunities for Innovative Medical and Cansino Biologics
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Innovative and Cansino is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Innovative Medical Management and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and Innovative Medical 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 Innovative Medical Management 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 Innovative Medical i.e., Innovative Medical and Cansino Biologics go up and down completely randomly.
Pair Corralation between Innovative Medical and Cansino Biologics
Assuming the 90 days trading horizon Innovative Medical Management is expected to generate 2.98 times more return on investment than Cansino Biologics. However, Innovative Medical is 2.98 times more volatile than Cansino Biologics. It trades about -0.03 of its potential returns per unit of risk. Cansino Biologics is currently generating about -0.46 per unit of risk. If you would invest 977.00 in Innovative Medical Management on October 11, 2024 and sell it today you would lose (65.00) from holding Innovative Medical Management or give up 6.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Innovative Medical Management vs. Cansino Biologics
Performance |
| Timeline |
| Innovative Medical |
| Cansino Biologics |
Innovative Medical and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Innovative Medical and Cansino Biologics
The main advantage of trading using opposite Innovative Medical and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Innovative Medical 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.| Innovative Medical vs. Guangzhou KingTeller Technology | Innovative Medical vs. Digiwin Software Co | Innovative Medical vs. Sinofibers Technology Co | Innovative Medical vs. Sunwave Communications Co |
| Cansino Biologics vs. Sichuan Fulin Transportation | Cansino Biologics vs. Chengdu Xinzhu RoadBridge | Cansino Biologics vs. Oppein Home Group | Cansino Biologics vs. DO Home Collection |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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