Correlation Between Maccura Biotechnology and Beijing Quanshi
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By analyzing existing cross correlation between Maccura Biotechnology Co and Beijing Quanshi World, you can compare the effects of market volatilities on Maccura Biotechnology and Beijing Quanshi 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 Beijing Quanshi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Beijing Quanshi.
Diversification Opportunities for Maccura Biotechnology and Beijing Quanshi
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Maccura and Beijing is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Beijing Quanshi World in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Quanshi World 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 Beijing Quanshi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Quanshi World has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Beijing Quanshi go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Beijing Quanshi
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to under-perform the Beijing Quanshi. But the stock apears to be less risky and, when comparing its historical volatility, Maccura Biotechnology Co is 3.69 times less risky than Beijing Quanshi. The stock trades about -0.13 of its potential returns per unit of risk. The Beijing Quanshi World is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 2,001 in Beijing Quanshi World on September 13, 2024 and sell it today you would earn a total of 428.00 from holding Beijing Quanshi World or generate 21.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Beijing Quanshi World
Performance |
| Timeline |
| Maccura Biotechnology |
| Beijing Quanshi World |
Maccura Biotechnology and Beijing Quanshi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Beijing Quanshi
The main advantage of trading using opposite Maccura Biotechnology and Beijing Quanshi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Beijing Quanshi 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 Beijing Quanshi will offset losses from the drop in Beijing Quanshi's long position.| Maccura Biotechnology vs. Guangzhou Restaurants Group | Maccura Biotechnology vs. Hunan Investment Group | Maccura Biotechnology vs. Changchun Faway Automobile | Maccura Biotechnology vs. CSSC Offshore Marine |
| Beijing Quanshi vs. Great Sun Foods Co | Beijing Quanshi vs. China Nonferrous Metal | Beijing Quanshi vs. V V Food | Beijing Quanshi vs. Zhejiang Yayi Metal |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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