Correlation Between Guangdong Marubi and Maccura Biotechnology
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By analyzing existing cross correlation between Guangdong Marubi Biotechnology and Maccura Biotechnology Co, you can compare the effects of market volatilities on Guangdong Marubi 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 Guangdong Marubi with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Marubi and Maccura Biotechnology.
Diversification Opportunities for Guangdong Marubi and Maccura Biotechnology
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guangdong and Maccura is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Marubi Biotechnology and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Guangdong Marubi 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 Guangdong Marubi Biotechnology 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 Guangdong Marubi i.e., Guangdong Marubi and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Guangdong Marubi and Maccura Biotechnology
Assuming the 90 days trading horizon Guangdong Marubi Biotechnology is expected to under-perform the Maccura Biotechnology. But the stock apears to be less risky and, when comparing its historical volatility, Guangdong Marubi Biotechnology is 1.02 times less risky than Maccura Biotechnology. The stock trades about -0.19 of its potential returns per unit of risk. The Maccura Biotechnology Co is currently generating about -0.07 of returns per unit of risk over similar time horizon. If you would invest 1,449 in Maccura Biotechnology Co on August 28, 2024 and sell it today you would lose (55.00) from holding Maccura Biotechnology Co or give up 3.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Marubi Biotechnology vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Guangdong Marubi Bio |
| Maccura Biotechnology |
Guangdong Marubi and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Marubi and Maccura Biotechnology
The main advantage of trading using opposite Guangdong Marubi and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Marubi 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.| Guangdong Marubi vs. Longjian Road Bridge | Guangdong Marubi vs. Dazhong Transportation Group | Guangdong Marubi vs. Heilongjiang Publishing Media | Guangdong Marubi vs. Guizhou BroadcastingTV Info |
| Maccura Biotechnology vs. Gan Yuan Foods | Maccura Biotechnology vs. Vontron Technology Co | Maccura Biotechnology vs. Zhongyin Babi Food | Maccura Biotechnology vs. Namchow Food Group |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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