Correlation Between Guangxi Wuzhou and Cansino Biologics
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By analyzing existing cross correlation between Guangxi Wuzhou Communications and Cansino Biologics, you can compare the effects of market volatilities on Guangxi Wuzhou 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 Guangxi Wuzhou with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangxi Wuzhou and Cansino Biologics.
Diversification Opportunities for Guangxi Wuzhou and Cansino Biologics
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guangxi and Cansino is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Guangxi Wuzhou Communications and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and Guangxi Wuzhou 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 Guangxi Wuzhou Communications 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 Guangxi Wuzhou i.e., Guangxi Wuzhou and Cansino Biologics go up and down completely randomly.
Pair Corralation between Guangxi Wuzhou and Cansino Biologics
Assuming the 90 days trading horizon Guangxi Wuzhou Communications is expected to under-perform the Cansino Biologics. In addition to that, Guangxi Wuzhou is 1.51 times more volatile than Cansino Biologics. It trades about -0.31 of its total potential returns per unit of risk. Cansino Biologics is currently generating about -0.1 per unit of volatility. If you would invest 6,123 in Cansino Biologics on October 25, 2024 and sell it today you would lose (322.00) from holding Cansino Biologics or give up 5.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangxi Wuzhou Communications vs. Cansino Biologics
Performance |
| Timeline |
| Guangxi Wuzhou Commu |
| Cansino Biologics |
Guangxi Wuzhou and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangxi Wuzhou and Cansino Biologics
The main advantage of trading using opposite Guangxi Wuzhou and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangxi Wuzhou 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.| Guangxi Wuzhou vs. Kweichow Moutai Co | Guangxi Wuzhou vs. Contemporary Amperex Technology | Guangxi Wuzhou vs. Beijing Roborock Technology | Guangxi Wuzhou vs. BYD Co Ltd |
| Cansino Biologics vs. Porton Fine Chemicals | Cansino Biologics vs. Thinkingdom Media Group | Cansino Biologics vs. Beijing Enlight Media | Cansino Biologics vs. Quectel Wireless Solutions |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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