Correlation Between Hubei Geoway and Cansino Biologics
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By analyzing existing cross correlation between Hubei Geoway Investment and Cansino Biologics, you can compare the effects of market volatilities on Hubei Geoway 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 Hubei Geoway with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Geoway and Cansino Biologics.
Diversification Opportunities for Hubei Geoway and Cansino Biologics
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hubei and Cansino is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Geoway Investment and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and Hubei Geoway 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 Hubei Geoway Investment 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 Hubei Geoway i.e., Hubei Geoway and Cansino Biologics go up and down completely randomly.
Pair Corralation between Hubei Geoway and Cansino Biologics
Assuming the 90 days trading horizon Hubei Geoway Investment is expected to generate 1.22 times more return on investment than Cansino Biologics. However, Hubei Geoway is 1.22 times more volatile than Cansino Biologics. It trades about 0.06 of its potential returns per unit of risk. Cansino Biologics is currently generating about -0.02 per unit of risk. If you would invest 145.00 in Hubei Geoway Investment on January 1, 2025 and sell it today you would earn a total of 7.00 from holding Hubei Geoway Investment or generate 4.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubei Geoway Investment vs. Cansino Biologics
Performance |
| Timeline |
| Hubei Geoway Investment |
| Cansino Biologics |
Hubei Geoway and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubei Geoway and Cansino Biologics
The main advantage of trading using opposite Hubei Geoway and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Geoway 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.| Hubei Geoway vs. Qingdao Choho Industrial | Hubei Geoway vs. Maider Medical Industry | Hubei Geoway vs. Yoantion Industrial IncLtd | Hubei Geoway vs. China Minmetals Rare |
| Cansino Biologics vs. Air China Ltd | Cansino Biologics vs. Qumei Furniture Group | Cansino Biologics vs. Yingde Greatchem Chemicals | Cansino Biologics vs. Markor International Home |
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.
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