Correlation Between Universal Scientific and Cansino Biologics
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By analyzing existing cross correlation between Universal Scientific Industrial and Cansino Biologics, you can compare the effects of market volatilities on Universal Scientific 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 Universal Scientific with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Universal Scientific and Cansino Biologics.
Diversification Opportunities for Universal Scientific and Cansino Biologics
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Universal and Cansino is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Universal Scientific Industria and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and Universal Scientific 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 Universal Scientific Industrial 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 Universal Scientific i.e., Universal Scientific and Cansino Biologics go up and down completely randomly.
Pair Corralation between Universal Scientific and Cansino Biologics
Assuming the 90 days trading horizon Universal Scientific Industrial is expected to generate 1.12 times more return on investment than Cansino Biologics. However, Universal Scientific is 1.12 times more volatile than Cansino Biologics. It trades about 0.01 of its potential returns per unit of risk. Cansino Biologics is currently generating about -0.07 per unit of risk. If you would invest 1,560 in Universal Scientific Industrial on November 6, 2024 and sell it today you would earn a total of 2.00 from holding Universal Scientific Industrial or generate 0.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Universal Scientific Industria vs. Cansino Biologics
Performance |
| Timeline |
| Universal Scientific |
| Cansino Biologics |
Universal Scientific and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Universal Scientific and Cansino Biologics
The main advantage of trading using opposite Universal Scientific and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Universal Scientific 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.| Universal Scientific vs. Dirui Industrial Co | Universal Scientific vs. China Mobile Limited | Universal Scientific vs. Wuhan Yangtze Communication | Universal Scientific vs. Guangdong Jingyi Metal |
| 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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