Correlation Between Maccura Biotechnology and CITIC Metal
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By analyzing existing cross correlation between Maccura Biotechnology Co and CITIC Metal Co, you can compare the effects of market volatilities on Maccura Biotechnology and CITIC Metal 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 CITIC Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and CITIC Metal.
Diversification Opportunities for Maccura Biotechnology and CITIC Metal
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Maccura and CITIC is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and CITIC Metal Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Metal 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 CITIC Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Metal has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and CITIC Metal go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and CITIC Metal
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to generate 1.54 times more return on investment than CITIC Metal. However, Maccura Biotechnology is 1.54 times more volatile than CITIC Metal Co. It trades about -0.07 of its potential returns per unit of risk. CITIC Metal Co is currently generating about -0.13 per unit of risk. If you would invest 1,449 in Maccura Biotechnology Co on August 28, 2024 and sell it today you would lose (55.00) from holding Maccura Biotechnology Co or give up 3.8% 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. CITIC Metal Co
Performance |
| Timeline |
| Maccura Biotechnology |
| CITIC Metal |
Maccura Biotechnology and CITIC Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and CITIC Metal
The main advantage of trading using opposite Maccura Biotechnology and CITIC Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, CITIC Metal 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 CITIC Metal will offset losses from the drop in CITIC Metal's long position.| Maccura Biotechnology vs. Gan Yuan Foods | Maccura Biotechnology vs. Vontron Technology Co | Maccura Biotechnology vs. Zhongyin Babi Food | Maccura Biotechnology vs. Namchow Food Group |
| CITIC Metal vs. Zijin Mining Group | CITIC Metal vs. Wanhua Chemical Group | CITIC Metal vs. Baoshan Iron Steel | CITIC Metal vs. Shandong Gold Mining |
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 Stocks Directory module to find actively traded stocks across global markets.
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