Correlation Between Cansino Biologics and Glodon Software
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By analyzing existing cross correlation between Cansino Biologics and Glodon Software Co, you can compare the effects of market volatilities on Cansino Biologics and Glodon Software 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 Glodon Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Glodon Software.
Diversification Opportunities for Cansino Biologics and Glodon Software
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cansino and Glodon is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Glodon Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glodon Software 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 Glodon Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glodon Software has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Glodon Software go up and down completely randomly.
Pair Corralation between Cansino Biologics and Glodon Software
Assuming the 90 days trading horizon Cansino Biologics is expected to generate 0.86 times more return on investment than Glodon Software. However, Cansino Biologics is 1.16 times less risky than Glodon Software. It trades about 0.02 of its potential returns per unit of risk. Glodon Software Co is currently generating about -0.1 per unit of risk. If you would invest 5,858 in Cansino Biologics on October 27, 2024 and sell it today you would earn a total of 17.00 from holding Cansino Biologics or generate 0.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Glodon Software Co
Performance |
| Timeline |
| Cansino Biologics |
| Glodon Software |
Cansino Biologics and Glodon Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Glodon Software
The main advantage of trading using opposite Cansino Biologics and Glodon Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Glodon Software 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 Glodon Software will offset losses from the drop in Glodon Software's long position.| Cansino Biologics vs. Harbin Air Conditioning | Cansino Biologics vs. Tibet Huayu Mining | Cansino Biologics vs. Chengtun Mining Group | Cansino Biologics vs. Universal Scientific Industrial |
| Glodon Software vs. Jointo Energy Investment | Glodon Software vs. Wondershare Technology Co | Glodon Software vs. Sinofibers Technology Co | Glodon Software vs. Shaanxi Meineng Clean |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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