Correlation Between Maccura Biotechnology and Nanjing Putian
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By analyzing existing cross correlation between Maccura Biotechnology Co and Nanjing Putian Telecommunications, you can compare the effects of market volatilities on Maccura Biotechnology and Nanjing Putian 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 Nanjing Putian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Nanjing Putian.
Diversification Opportunities for Maccura Biotechnology and Nanjing Putian
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Maccura and Nanjing is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Nanjing Putian Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Putian Telec 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 Nanjing Putian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Putian Telec has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Nanjing Putian go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Nanjing Putian
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to generate 0.37 times more return on investment than Nanjing Putian. However, Maccura Biotechnology Co is 2.7 times less risky than Nanjing Putian. It trades about -0.44 of its potential returns per unit of risk. Nanjing Putian Telecommunications is currently generating about -0.2 per unit of risk. If you would invest 1,434 in Maccura Biotechnology Co on October 12, 2024 and sell it today you would lose (187.00) from holding Maccura Biotechnology Co or give up 13.04% 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. Nanjing Putian Telecommunicati
Performance |
| Timeline |
| Maccura Biotechnology |
| Nanjing Putian Telec |
Maccura Biotechnology and Nanjing Putian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Nanjing Putian
The main advantage of trading using opposite Maccura Biotechnology and Nanjing Putian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Nanjing Putian 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 Nanjing Putian will offset losses from the drop in Nanjing Putian's long position.| Maccura Biotechnology vs. Suzhou Industrial Park | Maccura Biotechnology vs. Guosheng Financial Holding | Maccura Biotechnology vs. Guangzhou Haozhi Industrial | Maccura Biotechnology vs. Qilu Bank Co |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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