Correlation Between Maccura Biotechnology and Hubei Xingfa
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By analyzing existing cross correlation between Maccura Biotechnology Co and Hubei Xingfa Chemicals, you can compare the effects of market volatilities on Maccura Biotechnology and Hubei Xingfa 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 Hubei Xingfa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Hubei Xingfa.
Diversification Opportunities for Maccura Biotechnology and Hubei Xingfa
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Maccura and Hubei is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Hubei Xingfa Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubei Xingfa Chemicals 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 Hubei Xingfa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubei Xingfa Chemicals has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Hubei Xingfa go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Hubei Xingfa
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to generate 0.84 times more return on investment than Hubei Xingfa. However, Maccura Biotechnology Co is 1.19 times less risky than Hubei Xingfa. It trades about -0.13 of its potential returns per unit of risk. Hubei Xingfa Chemicals is currently generating about -0.12 per unit of risk. If you would invest 1,512 in Maccura Biotechnology Co on September 13, 2024 and sell it today you would lose (78.00) from holding Maccura Biotechnology Co or give up 5.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Hubei Xingfa Chemicals
Performance |
| Timeline |
| Maccura Biotechnology |
| Hubei Xingfa Chemicals |
Maccura Biotechnology and Hubei Xingfa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Hubei Xingfa
The main advantage of trading using opposite Maccura Biotechnology and Hubei Xingfa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Hubei Xingfa 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 Hubei Xingfa will offset losses from the drop in Hubei Xingfa'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 |
| Hubei Xingfa vs. Ningbo Tip Rubber | Hubei Xingfa vs. Suzhou Xingye Material | Hubei Xingfa vs. Maccura Biotechnology Co | Hubei Xingfa vs. Sinosteel Luonai Materials |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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