Correlation Between Maccura Biotechnology and Baoshan Iron
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By analyzing existing cross correlation between Maccura Biotechnology Co and Baoshan Iron Steel, you can compare the effects of market volatilities on Maccura Biotechnology and Baoshan Iron 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 Baoshan Iron. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Baoshan Iron.
Diversification Opportunities for Maccura Biotechnology and Baoshan Iron
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Maccura and Baoshan is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Baoshan Iron Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baoshan Iron Steel 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 Baoshan Iron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baoshan Iron Steel has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Baoshan Iron go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Baoshan Iron
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to under-perform the Baoshan Iron. But the stock apears to be less risky and, when comparing its historical volatility, Maccura Biotechnology Co is 1.01 times less risky than Baoshan Iron. The stock trades about -0.15 of its potential returns per unit of risk. The Baoshan Iron Steel is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 703.00 in Baoshan Iron Steel on November 1, 2024 and sell it today you would lose (2.00) from holding Baoshan Iron Steel or give up 0.28% 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. Baoshan Iron Steel
Performance |
| Timeline |
| Maccura Biotechnology |
| Baoshan Iron Steel |
Maccura Biotechnology and Baoshan Iron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Baoshan Iron
The main advantage of trading using opposite Maccura Biotechnology and Baoshan Iron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Baoshan Iron 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 Baoshan Iron will offset losses from the drop in Baoshan Iron's long position.| Maccura Biotechnology vs. Uxi Unicomp Technology | Maccura Biotechnology vs. 360 Security Technology | Maccura Biotechnology vs. Beingmate Baby Child | Maccura Biotechnology vs. Soyea Technology Co |
| Baoshan Iron vs. Senci Electric Machinery | Baoshan Iron vs. Hongrun Construction Group | Baoshan Iron vs. Lianhe Chemical Technology | Baoshan Iron vs. Masterwork Machinery |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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