Correlation Between Shanghai Shibei and Maccura Biotechnology
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By analyzing existing cross correlation between Shanghai Shibei Hi Tech and Maccura Biotechnology Co, you can compare the effects of market volatilities on Shanghai Shibei 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 Shanghai Shibei with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Shibei and Maccura Biotechnology.
Diversification Opportunities for Shanghai Shibei and Maccura Biotechnology
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shanghai and Maccura is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Shibei Hi Tech and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Shanghai Shibei 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 Shanghai Shibei Hi Tech 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 Shanghai Shibei i.e., Shanghai Shibei and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Shanghai Shibei and Maccura Biotechnology
Assuming the 90 days trading horizon Shanghai Shibei Hi Tech is expected to under-perform the Maccura Biotechnology. In addition to that, Shanghai Shibei is 2.95 times more volatile than Maccura Biotechnology Co. It trades about -0.21 of its total potential returns per unit of risk. Maccura Biotechnology Co is currently generating about -0.44 per unit of volatility. If you would invest 1,434 in Maccura Biotechnology Co on October 12, 2024 and sell it today you would lose (187.00) from holding Maccura Biotechnology Co or give up 13.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Shibei Hi Tech vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Shanghai Shibei Hi |
| Maccura Biotechnology |
Shanghai Shibei and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Shibei and Maccura Biotechnology
The main advantage of trading using opposite Shanghai Shibei and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Shibei 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.| Shanghai Shibei vs. Ming Yang Smart | Shanghai Shibei vs. 159681 | Shanghai Shibei vs. 159005 | Shanghai Shibei vs. Loctek Ergonomic Technology |
| 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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