Correlation Between Maccura Biotechnology and Guangzhou KingTeller
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By analyzing existing cross correlation between Maccura Biotechnology Co and Guangzhou KingTeller Technology, you can compare the effects of market volatilities on Maccura Biotechnology and Guangzhou KingTeller 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 Guangzhou KingTeller. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Guangzhou KingTeller.
Diversification Opportunities for Maccura Biotechnology and Guangzhou KingTeller
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Maccura and Guangzhou is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Guangzhou KingTeller Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou KingTeller 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 Guangzhou KingTeller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou KingTeller has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Guangzhou KingTeller go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Guangzhou KingTeller
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to under-perform the Guangzhou KingTeller. But the stock apears to be less risky and, when comparing its historical volatility, Maccura Biotechnology Co is 2.19 times less risky than Guangzhou KingTeller. The stock trades about -0.07 of its potential returns per unit of risk. The Guangzhou KingTeller Technology is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 440.00 in Guangzhou KingTeller Technology on August 29, 2024 and sell it today you would earn a total of 28.00 from holding Guangzhou KingTeller Technology or generate 6.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Guangzhou KingTeller Technolog
Performance |
| Timeline |
| Maccura Biotechnology |
| Guangzhou KingTeller |
Maccura Biotechnology and Guangzhou KingTeller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Guangzhou KingTeller
The main advantage of trading using opposite Maccura Biotechnology and Guangzhou KingTeller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Guangzhou KingTeller 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 Guangzhou KingTeller will offset losses from the drop in Guangzhou KingTeller's long position.| Maccura Biotechnology vs. Gan Yuan Foods | Maccura Biotechnology vs. Vontron Technology Co | Maccura Biotechnology vs. Zhongyin Babi Food | Maccura Biotechnology vs. Namchow Food Group |
| Guangzhou KingTeller vs. Agricultural Bank of | Guangzhou KingTeller vs. Industrial and Commercial | Guangzhou KingTeller vs. Bank of China | Guangzhou KingTeller vs. China Construction Bank |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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