Correlation Between Northking Information and Cansino Biologics
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By analyzing existing cross correlation between Northking Information Technology and Cansino Biologics, you can compare the effects of market volatilities on Northking Information 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 Northking Information with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Northking Information and Cansino Biologics.
Diversification Opportunities for Northking Information and Cansino Biologics
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Northking and Cansino is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Northking Information Technolo and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and Northking Information 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 Northking Information Technology 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 Northking Information i.e., Northking Information and Cansino Biologics go up and down completely randomly.
Pair Corralation between Northking Information and Cansino Biologics
Assuming the 90 days trading horizon Northking Information Technology is expected to generate 1.29 times more return on investment than Cansino Biologics. However, Northking Information is 1.29 times more volatile than Cansino Biologics. It trades about 0.02 of its potential returns per unit of risk. Cansino Biologics is currently generating about -0.13 per unit of risk. If you would invest 1,423 in Northking Information Technology on November 1, 2024 and sell it today you would earn a total of 9.00 from holding Northking Information Technology or generate 0.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Northking Information Technolo vs. Cansino Biologics
Performance |
| Timeline |
| Northking Information |
| Cansino Biologics |
Northking Information and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Northking Information and Cansino Biologics
The main advantage of trading using opposite Northking Information and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Northking Information 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.| Northking Information vs. Shenyang Huitian Thermal | Northking Information vs. North Copper Shanxi | Northking Information vs. Time Publishing and | Northking Information vs. Tibet Huayu Mining |
| Cansino Biologics vs. Sinocelltech Group | Cansino Biologics vs. Ningbo Bohui Chemical | Cansino Biologics vs. Kuang Chi Technologies | Cansino Biologics vs. Liaoning Dingjide Petrochemical |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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