Correlation Between Kuang Chi and Cansino Biologics
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By analyzing existing cross correlation between Kuang Chi Technologies and Cansino Biologics, you can compare the effects of market volatilities on Kuang Chi 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 Kuang Chi with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kuang Chi and Cansino Biologics.
Diversification Opportunities for Kuang Chi and Cansino Biologics
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Kuang and Cansino is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Kuang Chi Technologies and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and Kuang Chi 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 Kuang Chi Technologies 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 Kuang Chi i.e., Kuang Chi and Cansino Biologics go up and down completely randomly.
Pair Corralation between Kuang Chi and Cansino Biologics
Assuming the 90 days trading horizon Kuang Chi Technologies is expected to under-perform the Cansino Biologics. In addition to that, Kuang Chi is 1.73 times more volatile than Cansino Biologics. It trades about -0.07 of its total potential returns per unit of risk. Cansino Biologics is currently generating about -0.07 per unit of volatility. If you would invest 6,021 in Cansino Biologics on October 26, 2024 and sell it today you would lose (220.00) from holding Cansino Biologics or give up 3.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Kuang Chi Technologies vs. Cansino Biologics
Performance |
| Timeline |
| Kuang Chi Technologies |
| Cansino Biologics |
Kuang Chi and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kuang Chi and Cansino Biologics
The main advantage of trading using opposite Kuang Chi and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kuang Chi 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.| Kuang Chi vs. Kweichow Moutai Co | Kuang Chi vs. Jiangsu Pacific Quartz | Kuang Chi vs. Shenzhen Transsion Holdings | Kuang Chi vs. Beijing Roborock Technology |
| Cansino Biologics vs. Zhejiang Yongjin Metal | Cansino Biologics vs. Guangdong Jingyi Metal | Cansino Biologics vs. Harvest Fund Management | Cansino Biologics vs. Ningbo Jintian Copper |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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