Correlation Between Guangzhou KingTeller and Maccura Biotechnology
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By analyzing existing cross correlation between Guangzhou KingTeller Technology and Maccura Biotechnology Co, you can compare the effects of market volatilities on Guangzhou KingTeller 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 KingTeller with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou KingTeller and Maccura Biotechnology.
Diversification Opportunities for Guangzhou KingTeller and Maccura Biotechnology
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guangzhou and Maccura is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou KingTeller Technolog 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 KingTeller 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 KingTeller Technology 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 KingTeller i.e., Guangzhou KingTeller and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Guangzhou KingTeller and Maccura Biotechnology
Assuming the 90 days trading horizon Guangzhou KingTeller Technology is expected to generate 2.19 times more return on investment than Maccura Biotechnology. However, Guangzhou KingTeller is 2.19 times more volatile than Maccura Biotechnology Co. It trades about 0.08 of its potential returns per unit of risk. Maccura Biotechnology Co is currently generating about -0.07 per unit of risk. If you would invest 440.00 in Guangzhou KingTeller Technology on August 29, 2024 and sell it today you would earn a total of 28.00 from holding Guangzhou KingTeller Technology or generate 6.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou KingTeller Technolog vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Guangzhou KingTeller |
| Maccura Biotechnology |
Guangzhou KingTeller and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou KingTeller and Maccura Biotechnology
The main advantage of trading using opposite Guangzhou KingTeller and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou KingTeller 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 KingTeller vs. Agricultural Bank of | Guangzhou KingTeller vs. Industrial and Commercial | Guangzhou KingTeller vs. Bank of China | Guangzhou KingTeller vs. China Construction Bank |
| Maccura Biotechnology vs. Gan Yuan Foods | Maccura Biotechnology vs. Vontron Technology Co | Maccura Biotechnology vs. Zhongyin Babi Food | Maccura Biotechnology vs. Namchow Food Group |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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