Correlation Between Harvest Fund and Cansino Biologics
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By analyzing existing cross correlation between Harvest Fund Management and Cansino Biologics, you can compare the effects of market volatilities on Harvest Fund 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 Harvest Fund with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Cansino Biologics.
Diversification Opportunities for Harvest Fund and Cansino Biologics
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harvest and Cansino is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and Harvest Fund 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 Harvest Fund Management 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 Harvest Fund i.e., Harvest Fund and Cansino Biologics go up and down completely randomly.
Pair Corralation between Harvest Fund and Cansino Biologics
Assuming the 90 days trading horizon Harvest Fund Management is expected to generate 0.32 times more return on investment than Cansino Biologics. However, Harvest Fund Management is 3.17 times less risky than Cansino Biologics. It trades about 0.14 of its potential returns per unit of risk. Cansino Biologics is currently generating about 0.03 per unit of risk. If you would invest 237.00 in Harvest Fund Management on November 5, 2024 and sell it today you would earn a total of 100.00 from holding Harvest Fund Management or generate 42.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harvest Fund Management vs. Cansino Biologics
Performance |
| Timeline |
| Harvest Fund Management |
| Cansino Biologics |
Harvest Fund and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Cansino Biologics
The main advantage of trading using opposite Harvest Fund and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund 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.| Harvest Fund vs. Yunnan Jianzhijia Health Chain | Harvest Fund vs. Meinian Onehealth Healthcare | Harvest Fund vs. Dezhan HealthCare Co | Harvest Fund vs. Shenzhen Topway Video |
| Cansino Biologics vs. Zhongshan Broad Ocean Motor | Cansino Biologics vs. Central Plains Environment | Cansino Biologics vs. Shanghai Broadband Technology | Cansino Biologics vs. Hangzhou Guotai Environmental |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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