Correlation Between Cansino Biologics and Yunnan Aluminium
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By analyzing existing cross correlation between Cansino Biologics and Yunnan Aluminium Co, you can compare the effects of market volatilities on Cansino Biologics and Yunnan Aluminium 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 Cansino Biologics with a short position of Yunnan Aluminium. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Yunnan Aluminium.
Diversification Opportunities for Cansino Biologics and Yunnan Aluminium
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cansino and Yunnan is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Yunnan Aluminium Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Aluminium and Cansino Biologics 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 Cansino Biologics are associated (or correlated) with Yunnan Aluminium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Aluminium has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Yunnan Aluminium go up and down completely randomly.
Pair Corralation between Cansino Biologics and Yunnan Aluminium
Assuming the 90 days trading horizon Cansino Biologics is expected to under-perform the Yunnan Aluminium. But the stock apears to be less risky and, when comparing its historical volatility, Cansino Biologics is 1.19 times less risky than Yunnan Aluminium. The stock trades about -0.2 of its potential returns per unit of risk. The Yunnan Aluminium Co is currently generating about 0.39 of returns per unit of risk over similar time horizon. If you would invest 1,392 in Yunnan Aluminium Co on October 30, 2024 and sell it today you would earn a total of 256.00 from holding Yunnan Aluminium Co or generate 18.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Yunnan Aluminium Co
Performance |
| Timeline |
| Cansino Biologics |
| Yunnan Aluminium |
Cansino Biologics and Yunnan Aluminium Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Yunnan Aluminium
The main advantage of trading using opposite Cansino Biologics and Yunnan Aluminium positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Yunnan Aluminium 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 Yunnan Aluminium will offset losses from the drop in Yunnan Aluminium's long position.| Cansino Biologics vs. Zhongyin Babi Food | Cansino Biologics vs. Zhejiang Construction Investment | Cansino Biologics vs. Guilin Seamild Foods | Cansino Biologics vs. Tsingtao Brewery Co |
| Yunnan Aluminium vs. Ping An Insurance | Yunnan Aluminium vs. Tibet Huayu Mining | Yunnan Aluminium vs. Marssenger Kitchenware Co | Yunnan Aluminium vs. Industrial Bank Co |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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