Correlation Between Guangzhou Haozhi and Maccura Biotechnology
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By analyzing existing cross correlation between Guangzhou Haozhi Industrial and Maccura Biotechnology Co, you can compare the effects of market volatilities on Guangzhou Haozhi and Maccura Biotechnology 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 Guangzhou Haozhi with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Haozhi and Maccura Biotechnology.
Diversification Opportunities for Guangzhou Haozhi and Maccura Biotechnology
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guangzhou and Maccura is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Haozhi Industrial and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Guangzhou Haozhi 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 Guangzhou Haozhi Industrial are associated (or correlated) with Maccura Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maccura Biotechnology has no effect on the direction of Guangzhou Haozhi i.e., Guangzhou Haozhi and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Guangzhou Haozhi and Maccura Biotechnology
Assuming the 90 days trading horizon Guangzhou Haozhi Industrial is expected to generate 2.1 times more return on investment than Maccura Biotechnology. However, Guangzhou Haozhi is 2.1 times more volatile than Maccura Biotechnology Co. It trades about 0.06 of its potential returns per unit of risk. Maccura Biotechnology Co is currently generating about -0.02 per unit of risk. If you would invest 897.00 in Guangzhou Haozhi Industrial on October 11, 2024 and sell it today you would earn a total of 967.00 from holding Guangzhou Haozhi Industrial or generate 107.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Haozhi Industrial vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Guangzhou Haozhi Ind |
| Maccura Biotechnology |
Guangzhou Haozhi and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Haozhi and Maccura Biotechnology
The main advantage of trading using opposite Guangzhou Haozhi and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Haozhi position performs unexpectedly, Maccura Biotechnology 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 Maccura Biotechnology will offset losses from the drop in Maccura Biotechnology's long position.| Guangzhou Haozhi vs. Union Semiconductor Co | Guangzhou Haozhi vs. Yuanjie Semiconductor Technology | Guangzhou Haozhi vs. Southchip Semiconductor Technology | Guangzhou Haozhi vs. StarPower Semiconductor |
| Maccura Biotechnology vs. Suzhou Industrial Park | Maccura Biotechnology vs. Guosheng Financial Holding | Maccura Biotechnology vs. Guangzhou Haozhi Industrial | Maccura Biotechnology vs. Qilu Bank 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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