Correlation Between Maccura Biotechnology and Xiandai Investment
Specify exactly 2 symbols:
By analyzing existing cross correlation between Maccura Biotechnology Co and Xiandai Investment Co, you can compare the effects of market volatilities on Maccura Biotechnology and Xiandai Investment 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 Xiandai Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Xiandai Investment.
Diversification Opportunities for Maccura Biotechnology and Xiandai Investment
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Maccura and Xiandai is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Xiandai Investment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiandai Investment 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 Xiandai Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiandai Investment has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Xiandai Investment go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Xiandai Investment
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to under-perform the Xiandai Investment. But the stock apears to be less risky and, when comparing its historical volatility, Maccura Biotechnology Co is 1.14 times less risky than Xiandai Investment. The stock trades about -0.38 of its potential returns per unit of risk. The Xiandai Investment Co is currently generating about -0.26 of returns per unit of risk over similar time horizon. If you would invest 466.00 in Xiandai Investment Co on October 11, 2024 and sell it today you would lose (43.00) from holding Xiandai Investment Co or give up 9.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Xiandai Investment Co
Performance |
| Timeline |
| Maccura Biotechnology |
| Xiandai Investment |
Maccura Biotechnology and Xiandai Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Xiandai Investment
The main advantage of trading using opposite Maccura Biotechnology and Xiandai Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Xiandai Investment 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 Xiandai Investment will offset losses from the drop in Xiandai Investment's long position.| Maccura Biotechnology vs. Weichai Heavy Machinery | Maccura Biotechnology vs. Fujian Newland Computer | Maccura Biotechnology vs. Allwin Telecommunication Co | Maccura Biotechnology vs. Suzhou Douson Drilling |
| Xiandai Investment vs. JCHX Mining Management | Xiandai Investment vs. Maccura Biotechnology Co | Xiandai Investment vs. Guocheng Mining Co | Xiandai Investment vs. Uroica Mining Safety |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |