Correlation Between Maccura Biotechnology and Shaanxi Broadcast
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By analyzing existing cross correlation between Maccura Biotechnology Co and Shaanxi Broadcast TV, you can compare the effects of market volatilities on Maccura Biotechnology and Shaanxi Broadcast 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 Shaanxi Broadcast. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Shaanxi Broadcast.
Diversification Opportunities for Maccura Biotechnology and Shaanxi Broadcast
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Maccura and Shaanxi is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Shaanxi Broadcast TV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shaanxi Broadcast 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 Shaanxi Broadcast. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shaanxi Broadcast has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Shaanxi Broadcast go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Shaanxi Broadcast
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to generate 0.52 times more return on investment than Shaanxi Broadcast. However, Maccura Biotechnology Co is 1.91 times less risky than Shaanxi Broadcast. It trades about -0.37 of its potential returns per unit of risk. Shaanxi Broadcast TV is currently generating about -0.34 per unit of risk. If you would invest 1,423 in Maccura Biotechnology Co on October 11, 2024 and sell it today you would lose (164.00) from holding Maccura Biotechnology Co or give up 11.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Shaanxi Broadcast TV
Performance |
| Timeline |
| Maccura Biotechnology |
| Shaanxi Broadcast |
Maccura Biotechnology and Shaanxi Broadcast Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Shaanxi Broadcast
The main advantage of trading using opposite Maccura Biotechnology and Shaanxi Broadcast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Shaanxi Broadcast 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 Shaanxi Broadcast will offset losses from the drop in Shaanxi Broadcast's long position.| Maccura Biotechnology vs. Suzhou Industrial Park | Maccura Biotechnology vs. Guosheng Financial Holding | Maccura Biotechnology vs. Guangzhou Haozhi Industrial | Maccura Biotechnology vs. Qilu Bank Co |
| Shaanxi Broadcast vs. Nanxing Furniture Machinery | Shaanxi Broadcast vs. Shaanxi Construction Machinery | Shaanxi Broadcast vs. Shenwu Energy Saving | Shaanxi Broadcast vs. Sinomach General 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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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