Correlation Between Maccura Biotechnology and Gan Yuan
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By analyzing existing cross correlation between Maccura Biotechnology Co and Gan Yuan Foods, you can compare the effects of market volatilities on Maccura Biotechnology and Gan Yuan 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 Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Gan Yuan.
Diversification Opportunities for Maccura Biotechnology and Gan Yuan
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Maccura and Gan is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan Foods 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 Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Gan Yuan go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Gan Yuan
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to under-perform the Gan Yuan. In addition to that, Maccura Biotechnology is 1.03 times more volatile than Gan Yuan Foods. It trades about -0.07 of its total potential returns per unit of risk. Gan Yuan Foods is currently generating about 0.14 per unit of volatility. If you would invest 7,030 in Gan Yuan Foods on August 29, 2024 and sell it today you would earn a total of 432.00 from holding Gan Yuan Foods or generate 6.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Gan Yuan Foods
Performance |
| Timeline |
| Maccura Biotechnology |
| Gan Yuan Foods |
Maccura Biotechnology and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Gan Yuan
The main advantage of trading using opposite Maccura Biotechnology and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan'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 |
| Gan Yuan vs. Marssenger Kitchenware Co | Gan Yuan vs. XinJiang GuoTong Pipeline | Gan Yuan vs. Yindu Kitchen Equipment | Gan Yuan vs. Zhejiang Kingland Pipeline |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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