Correlation Between Cabio Biotech and Yankershop Food
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cabio Biotech Wuhan and Yankershop Food Co, you can compare the effects of market volatilities on Cabio Biotech and Yankershop Food 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 Cabio Biotech with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cabio Biotech and Yankershop Food.
Diversification Opportunities for Cabio Biotech and Yankershop Food
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cabio and Yankershop is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Cabio Biotech Wuhan and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food and Cabio Biotech 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 Cabio Biotech Wuhan are associated (or correlated) with Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of Cabio Biotech i.e., Cabio Biotech and Yankershop Food go up and down completely randomly.
Pair Corralation between Cabio Biotech and Yankershop Food
Assuming the 90 days trading horizon Cabio Biotech Wuhan is expected to generate 0.99 times more return on investment than Yankershop Food. However, Cabio Biotech Wuhan is 1.01 times less risky than Yankershop Food. It trades about 0.05 of its potential returns per unit of risk. Yankershop Food Co is currently generating about -0.26 per unit of risk. If you would invest 1,933 in Cabio Biotech Wuhan on October 29, 2024 and sell it today you would earn a total of 37.00 from holding Cabio Biotech Wuhan or generate 1.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cabio Biotech Wuhan vs. Yankershop Food Co
Performance |
| Timeline |
| Cabio Biotech Wuhan |
| Yankershop Food |
Cabio Biotech and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cabio Biotech and Yankershop Food
The main advantage of trading using opposite Cabio Biotech and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cabio Biotech position performs unexpectedly, Yankershop Food 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.| Cabio Biotech vs. Anhui Huaren Health | Cabio Biotech vs. Impulse Qingdao Health | Cabio Biotech vs. Hangzhou Minsheng Healthcare | Cabio Biotech vs. Harson Trading China |
| Yankershop Food vs. AUPU Home Style | Yankershop Food vs. Shanghai Shuixing Home | Yankershop Food vs. Luolai Home Textile | Yankershop Food vs. State Grid InformationCommunication |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |