Correlation Between Maccura Biotechnology and Dongxing Sec
Specify exactly 2 symbols:
By analyzing existing cross correlation between Maccura Biotechnology Co and Dongxing Sec Co, you can compare the effects of market volatilities on Maccura Biotechnology and Dongxing Sec 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 Dongxing Sec. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Dongxing Sec.
Diversification Opportunities for Maccura Biotechnology and Dongxing Sec
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Maccura and Dongxing is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Dongxing Sec Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dongxing Sec 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 Dongxing Sec. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dongxing Sec has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Dongxing Sec go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Dongxing Sec
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to generate 0.82 times more return on investment than Dongxing Sec. However, Maccura Biotechnology Co is 1.21 times less risky than Dongxing Sec. It trades about -0.08 of its potential returns per unit of risk. Dongxing Sec Co is currently generating about -0.17 per unit of risk. If you would invest 1,477 in Maccura Biotechnology Co on September 12, 2024 and sell it today you would lose (54.00) from holding Maccura Biotechnology Co or give up 3.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Dongxing Sec Co
Performance |
| Timeline |
| Maccura Biotechnology |
| Dongxing Sec |
Maccura Biotechnology and Dongxing Sec Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Dongxing Sec
The main advantage of trading using opposite Maccura Biotechnology and Dongxing Sec positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Dongxing Sec 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 Dongxing Sec will offset losses from the drop in Dongxing Sec's long position.| Maccura Biotechnology vs. Cultural Investment Holdings | Maccura Biotechnology vs. Gome Telecom Equipment | Maccura Biotechnology vs. Holitech Technology Co | Maccura Biotechnology vs. Zotye Automobile Co |
| Dongxing Sec vs. Maccura Biotechnology Co | Dongxing Sec vs. Jiangsu GDK Biotechnology | Dongxing Sec vs. Fiberhome Telecommunication Technologies | Dongxing Sec vs. Ningbo MedicalSystem 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |