Correlation Between Eastroc Beverage and Maccura Biotechnology
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By analyzing existing cross correlation between Eastroc Beverage Group and Maccura Biotechnology Co, you can compare the effects of market volatilities on Eastroc Beverage 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 Eastroc Beverage with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Maccura Biotechnology.
Diversification Opportunities for Eastroc Beverage and Maccura Biotechnology
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Eastroc and Maccura is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Eastroc Beverage 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 Eastroc Beverage Group 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 Eastroc Beverage i.e., Eastroc Beverage and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Maccura Biotechnology
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to generate 0.91 times more return on investment than Maccura Biotechnology. However, Eastroc Beverage Group is 1.1 times less risky than Maccura Biotechnology. It trades about 0.09 of its potential returns per unit of risk. Maccura Biotechnology Co is currently generating about -0.03 per unit of risk. If you would invest 13,220 in Eastroc Beverage Group on October 14, 2024 and sell it today you would earn a total of 14,476 from holding Eastroc Beverage Group or generate 109.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastroc Beverage Group vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Eastroc Beverage |
| Maccura Biotechnology |
Eastroc Beverage and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastroc Beverage and Maccura Biotechnology
The main advantage of trading using opposite Eastroc Beverage and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage 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.| Eastroc Beverage vs. Emdoor Information Co | Eastroc Beverage vs. Qiming Information Technology | Eastroc Beverage vs. AVCON Information Tech | Eastroc Beverage vs. Zhongfu Information |
| Maccura Biotechnology vs. Zhengzhou Qianweiyangchu Food | Maccura Biotechnology vs. China Asset Management | Maccura Biotechnology vs. Eastroc Beverage Group | Maccura Biotechnology vs. Sunny Loan Top |
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 Stocks Directory module to find actively traded stocks across global markets.
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