Correlation Between Maccura Biotechnology and Pengxin International
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By analyzing existing cross correlation between Maccura Biotechnology Co and Pengxin International Mining, you can compare the effects of market volatilities on Maccura Biotechnology and Pengxin International 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 Pengxin International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Pengxin International.
Diversification Opportunities for Maccura Biotechnology and Pengxin International
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Maccura and Pengxin is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Pengxin International Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pengxin International 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 Pengxin International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pengxin International has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Pengxin International go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Pengxin International
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to generate 0.59 times more return on investment than Pengxin International. However, Maccura Biotechnology Co is 1.68 times less risky than Pengxin International. It trades about 0.05 of its potential returns per unit of risk. Pengxin International Mining is currently generating about 0.01 per unit of risk. If you would invest 1,406 in Maccura Biotechnology Co on September 4, 2024 and sell it today you would earn a total of 23.00 from holding Maccura Biotechnology Co or generate 1.64% 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. Pengxin International Mining
Performance |
| Timeline |
| Maccura Biotechnology |
| Pengxin International |
Maccura Biotechnology and Pengxin International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Pengxin International
The main advantage of trading using opposite Maccura Biotechnology and Pengxin International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Pengxin International 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 Pengxin International will offset losses from the drop in Pengxin International's long position.| Maccura Biotechnology vs. Shandong Longquan Pipeline | Maccura Biotechnology vs. Lutian Machinery Co | Maccura Biotechnology vs. Hangzhou Pinming Software | Maccura Biotechnology vs. Long Yuan Construction |
| Pengxin International vs. Zijin Mining Group | Pengxin International vs. Wanhua Chemical Group | Pengxin International vs. Baoshan Iron Steel | Pengxin International vs. Rongsheng Petrochemical 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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