Correlation Between Qiaoyin Environmental and Cansino Biologics
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By analyzing existing cross correlation between Qiaoyin Environmental Tech and Cansino Biologics, you can compare the effects of market volatilities on Qiaoyin Environmental 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 Qiaoyin Environmental with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiaoyin Environmental and Cansino Biologics.
Diversification Opportunities for Qiaoyin Environmental and Cansino Biologics
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Qiaoyin and Cansino is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Qiaoyin Environmental Tech and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and Qiaoyin Environmental 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 Qiaoyin Environmental 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 Qiaoyin Environmental i.e., Qiaoyin Environmental and Cansino Biologics go up and down completely randomly.
Pair Corralation between Qiaoyin Environmental and Cansino Biologics
Assuming the 90 days trading horizon Qiaoyin Environmental Tech is expected to generate 0.76 times more return on investment than Cansino Biologics. However, Qiaoyin Environmental Tech is 1.32 times less risky than Cansino Biologics. It trades about 0.01 of its potential returns per unit of risk. Cansino Biologics is currently generating about -0.05 per unit of risk. If you would invest 1,097 in Qiaoyin Environmental Tech on October 11, 2024 and sell it today you would lose (65.00) from holding Qiaoyin Environmental Tech or give up 5.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qiaoyin Environmental Tech vs. Cansino Biologics
Performance |
| Timeline |
| Qiaoyin Environmental |
| Cansino Biologics |
Qiaoyin Environmental and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiaoyin Environmental and Cansino Biologics
The main advantage of trading using opposite Qiaoyin Environmental and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiaoyin Environmental 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.| Qiaoyin Environmental vs. Humanwell Healthcare Group | Qiaoyin Environmental vs. Goodwill E Health | Qiaoyin Environmental vs. Xiamen Jihong Package | Qiaoyin Environmental vs. Dezhan HealthCare Co |
| Cansino Biologics vs. Innovative Medical Management | Cansino Biologics vs. Xinke Material | Cansino Biologics vs. Shanghai CEO Environmental | Cansino Biologics vs. Malion New Materials |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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