Correlation Between Anshan Senyuan and Maccura Biotechnology
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By analyzing existing cross correlation between Anshan Senyuan Road and Maccura Biotechnology Co, you can compare the effects of market volatilities on Anshan Senyuan 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 Anshan Senyuan with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anshan Senyuan and Maccura Biotechnology.
Diversification Opportunities for Anshan Senyuan and Maccura Biotechnology
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anshan and Maccura is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Anshan Senyuan Road and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Anshan Senyuan 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 Anshan Senyuan Road 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 Anshan Senyuan i.e., Anshan Senyuan and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Anshan Senyuan and Maccura Biotechnology
Assuming the 90 days trading horizon Anshan Senyuan Road is expected to under-perform the Maccura Biotechnology. In addition to that, Anshan Senyuan is 2.23 times more volatile than Maccura Biotechnology Co. It trades about -0.32 of its total potential returns per unit of risk. Maccura Biotechnology Co is currently generating about -0.37 per unit of volatility. If you would invest 1,423 in Maccura Biotechnology Co on October 11, 2024 and sell it today you would lose (164.00) from holding Maccura Biotechnology Co or give up 11.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anshan Senyuan Road vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Anshan Senyuan Road |
| Maccura Biotechnology |
Anshan Senyuan and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anshan Senyuan and Maccura Biotechnology
The main advantage of trading using opposite Anshan Senyuan and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anshan Senyuan 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.| Anshan Senyuan vs. Beijing Mainstreets Investment | Anshan Senyuan vs. Ye Chiu Metal | Anshan Senyuan vs. Rising Nonferrous Metals | Anshan Senyuan vs. Guangdong Jingyi Metal |
| Maccura Biotechnology vs. Suzhou Industrial Park | Maccura Biotechnology vs. Guosheng Financial Holding | Maccura Biotechnology vs. Guangzhou Haozhi Industrial | Maccura Biotechnology vs. Qilu Bank Co |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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