Correlation Between Maccura Biotechnology and Keda Clean
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By analyzing existing cross correlation between Maccura Biotechnology Co and Keda Clean Energy, you can compare the effects of market volatilities on Maccura Biotechnology and Keda Clean 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 Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Keda Clean.
Diversification Opportunities for Maccura Biotechnology and Keda Clean
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Maccura and Keda is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Keda Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keda Clean Energy 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 Keda Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keda Clean Energy has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Keda Clean go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Keda Clean
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to generate 0.87 times more return on investment than Keda Clean. However, Maccura Biotechnology Co is 1.15 times less risky than Keda Clean. It trades about -0.09 of its potential returns per unit of risk. Keda Clean Energy is currently generating about -0.14 per unit of risk. If you would invest 1,394 in Maccura Biotechnology Co on September 27, 2024 and sell it today you would lose (34.00) from holding Maccura Biotechnology Co or give up 2.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Keda Clean Energy
Performance |
| Timeline |
| Maccura Biotechnology |
| Keda Clean Energy |
Maccura Biotechnology and Keda Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Keda Clean
The main advantage of trading using opposite Maccura Biotechnology and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Keda Clean 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 Keda Clean will offset losses from the drop in Keda Clean's long position.| Maccura Biotechnology vs. Poly Real Estate | Maccura Biotechnology vs. China Vanke Co | Maccura Biotechnology vs. China Merchants Shekou | Maccura Biotechnology vs. Huafa Industrial Co |
| Keda Clean vs. Hengli Industrial Development | Keda Clean vs. Zhejiang Yayi Metal | Keda Clean vs. Maccura Biotechnology Co | Keda Clean vs. Wuhan Hvsen Biotechnology |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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