Correlation Between Cultural Investment and Maccura Biotechnology
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By analyzing existing cross correlation between Cultural Investment Holdings and Maccura Biotechnology Co, you can compare the effects of market volatilities on Cultural Investment 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 Cultural Investment with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cultural Investment and Maccura Biotechnology.
Diversification Opportunities for Cultural Investment and Maccura Biotechnology
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cultural and Maccura is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Cultural Investment Holdings and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Cultural Investment 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 Cultural Investment Holdings 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 Cultural Investment i.e., Cultural Investment and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Cultural Investment and Maccura Biotechnology
Assuming the 90 days trading horizon Cultural Investment Holdings is expected to generate 1.81 times more return on investment than Maccura Biotechnology. However, Cultural Investment is 1.81 times more volatile than Maccura Biotechnology Co. It trades about 0.03 of its potential returns per unit of risk. Maccura Biotechnology Co is currently generating about -0.13 per unit of risk. If you would invest 242.00 in Cultural Investment Holdings on September 13, 2024 and sell it today you would earn a total of 2.00 from holding Cultural Investment Holdings or generate 0.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cultural Investment Holdings vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Cultural Investment |
| Maccura Biotechnology |
Cultural Investment and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cultural Investment and Maccura Biotechnology
The main advantage of trading using opposite Cultural Investment and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cultural Investment 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.| Cultural Investment vs. Industrial and Commercial | Cultural Investment vs. China Construction Bank | Cultural Investment vs. Agricultural Bank of | Cultural Investment vs. Bank of China |
| Maccura Biotechnology vs. Guangzhou Restaurants Group | Maccura Biotechnology vs. Hunan Investment Group | Maccura Biotechnology vs. Changchun Faway Automobile | Maccura Biotechnology vs. CSSC Offshore Marine |
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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