Correlation Between ShuYu Civilian and Cansino Biologics
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By analyzing existing cross correlation between ShuYu Civilian Pharmacy and Cansino Biologics, you can compare the effects of market volatilities on ShuYu Civilian and Cansino Biologics 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 ShuYu Civilian with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of ShuYu Civilian and Cansino Biologics.
Diversification Opportunities for ShuYu Civilian and Cansino Biologics
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ShuYu and Cansino is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding ShuYu Civilian Pharmacy and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and ShuYu Civilian 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 ShuYu Civilian Pharmacy are associated (or correlated) with Cansino Biologics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cansino Biologics has no effect on the direction of ShuYu Civilian i.e., ShuYu Civilian and Cansino Biologics go up and down completely randomly.
Pair Corralation between ShuYu Civilian and Cansino Biologics
Assuming the 90 days trading horizon ShuYu Civilian Pharmacy is expected to under-perform the Cansino Biologics. In addition to that, ShuYu Civilian is 1.24 times more volatile than Cansino Biologics. It trades about -0.2 of its total potential returns per unit of risk. Cansino Biologics is currently generating about -0.19 per unit of volatility. If you would invest 6,265 in Cansino Biologics on October 31, 2024 and sell it today you would lose (463.00) from holding Cansino Biologics or give up 7.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ShuYu Civilian Pharmacy vs. Cansino Biologics
Performance |
| Timeline |
| ShuYu Civilian Pharmacy |
| Cansino Biologics |
ShuYu Civilian and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ShuYu Civilian and Cansino Biologics
The main advantage of trading using opposite ShuYu Civilian and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ShuYu Civilian position performs unexpectedly, Cansino Biologics 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 Cansino Biologics will offset losses from the drop in Cansino Biologics' long position.| ShuYu Civilian vs. Qijing Machinery | ShuYu Civilian vs. Ye Chiu Metal | ShuYu Civilian vs. XCMG Construction Machinery | ShuYu Civilian vs. Shandong Hongchuang Aluminum |
| Cansino Biologics vs. Shenzhen AV Display Co | Cansino Biologics vs. Northking Information Technology | Cansino Biologics vs. Ningbo Ligong Online | Cansino Biologics vs. Eastern Air Logistics |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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