Correlation Between Maccura Biotechnology and Xiamen East
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By analyzing existing cross correlation between Maccura Biotechnology Co and Xiamen East Asia, you can compare the effects of market volatilities on Maccura Biotechnology and Xiamen East 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 Xiamen East. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Xiamen East.
Diversification Opportunities for Maccura Biotechnology and Xiamen East
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Maccura and Xiamen is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Xiamen East Asia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen East Asia 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 Xiamen East. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen East Asia has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Xiamen East go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Xiamen East
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to generate 0.88 times more return on investment than Xiamen East. However, Maccura Biotechnology Co is 1.13 times less risky than Xiamen East. It trades about 0.04 of its potential returns per unit of risk. Xiamen East Asia is currently generating about -0.06 per unit of risk. If you would invest 1,398 in Maccura Biotechnology Co on August 31, 2024 and sell it today you would earn a total of 22.00 from holding Maccura Biotechnology Co or generate 1.57% 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. Xiamen East Asia
Performance |
| Timeline |
| Maccura Biotechnology |
| Xiamen East Asia |
Maccura Biotechnology and Xiamen East Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Xiamen East
The main advantage of trading using opposite Maccura Biotechnology and Xiamen East positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Xiamen East 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 Xiamen East will offset losses from the drop in Xiamen East's long position.| Maccura Biotechnology vs. PetroChina Co Ltd | Maccura Biotechnology vs. China Mobile Limited | Maccura Biotechnology vs. Ping An Insurance | Maccura Biotechnology vs. China Petroleum Chemical |
| Xiamen East vs. Tieling Newcity Investment | Xiamen East vs. Yindu Kitchen Equipment | Xiamen East vs. Marssenger Kitchenware Co | Xiamen East vs. Aurora Optoelectronics 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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