Correlation Between Maccura Biotechnology and Shenzhen Centralcon
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By analyzing existing cross correlation between Maccura Biotechnology Co and Shenzhen Centralcon Investment, you can compare the effects of market volatilities on Maccura Biotechnology and Shenzhen Centralcon 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 Maccura Biotechnology with a short position of Shenzhen Centralcon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Shenzhen Centralcon.
Diversification Opportunities for Maccura Biotechnology and Shenzhen Centralcon
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Maccura and Shenzhen is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Shenzhen Centralcon Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Centralcon and Maccura Biotechnology 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 Maccura Biotechnology Co are associated (or correlated) with Shenzhen Centralcon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Centralcon has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Shenzhen Centralcon go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Shenzhen Centralcon
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to generate 0.68 times more return on investment than Shenzhen Centralcon. However, Maccura Biotechnology Co is 1.46 times less risky than Shenzhen Centralcon. It trades about 0.01 of its potential returns per unit of risk. Shenzhen Centralcon Investment is currently generating about -0.01 per unit of risk. If you would invest 1,462 in Maccura Biotechnology Co on September 12, 2024 and sell it today you would lose (39.00) from holding Maccura Biotechnology Co or give up 2.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Shenzhen Centralcon Investment
Performance |
| Timeline |
| Maccura Biotechnology |
| Shenzhen Centralcon |
Maccura Biotechnology and Shenzhen Centralcon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Shenzhen Centralcon
The main advantage of trading using opposite Maccura Biotechnology and Shenzhen Centralcon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Shenzhen Centralcon 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 Shenzhen Centralcon will offset losses from the drop in Shenzhen Centralcon's long position.| Maccura Biotechnology vs. Cultural Investment Holdings | Maccura Biotechnology vs. Gome Telecom Equipment | Maccura Biotechnology vs. Holitech Technology Co | Maccura Biotechnology vs. Zotye Automobile Co |
| Shenzhen Centralcon vs. Industrial and Commercial | Shenzhen Centralcon vs. China Construction Bank | Shenzhen Centralcon vs. Bank of China | Shenzhen Centralcon vs. Agricultural Bank of |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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