Correlation Between Maccura Biotechnology and Hithink RoyalFlush
Specify exactly 2 symbols:
By analyzing existing cross correlation between Maccura Biotechnology Co and Hithink RoyalFlush Info, you can compare the effects of market volatilities on Maccura Biotechnology and Hithink RoyalFlush 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 Hithink RoyalFlush. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Hithink RoyalFlush.
Diversification Opportunities for Maccura Biotechnology and Hithink RoyalFlush
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Maccura and Hithink is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Hithink RoyalFlush Info in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hithink RoyalFlush Info 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 Hithink RoyalFlush. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hithink RoyalFlush Info has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Hithink RoyalFlush go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Hithink RoyalFlush
Assuming the 90 days trading horizon Maccura Biotechnology is expected to generate 28.17 times less return on investment than Hithink RoyalFlush. But when comparing it to its historical volatility, Maccura Biotechnology Co is 4.07 times less risky than Hithink RoyalFlush. It trades about 0.04 of its potential returns per unit of risk. Hithink RoyalFlush Info is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 22,500 in Hithink RoyalFlush Info on September 5, 2024 and sell it today you would earn a total of 10,614 from holding Hithink RoyalFlush Info or generate 47.17% 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. Hithink RoyalFlush Info
Performance |
| Timeline |
| Maccura Biotechnology |
| Hithink RoyalFlush Info |
Maccura Biotechnology and Hithink RoyalFlush Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Hithink RoyalFlush
The main advantage of trading using opposite Maccura Biotechnology and Hithink RoyalFlush positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Hithink RoyalFlush 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 Hithink RoyalFlush will offset losses from the drop in Hithink RoyalFlush's long position.| Maccura Biotechnology vs. Jiangnan Mould Plastic | Maccura Biotechnology vs. Linewell Software Co | Maccura Biotechnology vs. Ningbo Tip Rubber | Maccura Biotechnology vs. Cangzhou Mingzhu Plastic |
| Hithink RoyalFlush vs. Maccura Biotechnology Co | Hithink RoyalFlush vs. Huaxia Fund Management | Hithink RoyalFlush vs. Harvest Fund Management | Hithink RoyalFlush vs. Dareway Software Co |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |