Correlation Between Cansino Biologics and Haoxiangni Jujube
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By analyzing existing cross correlation between Cansino Biologics and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Cansino Biologics and Haoxiangni Jujube 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 Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Haoxiangni Jujube.
Diversification Opportunities for Cansino Biologics and Haoxiangni Jujube
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cansino and Haoxiangni is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube 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 Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Cansino Biologics and Haoxiangni Jujube
Assuming the 90 days trading horizon Cansino Biologics is expected to under-perform the Haoxiangni Jujube. But the stock apears to be less risky and, when comparing its historical volatility, Cansino Biologics is 4.02 times less risky than Haoxiangni Jujube. The stock trades about -0.16 of its potential returns per unit of risk. The Haoxiangni Jujube Co is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 816.00 in Haoxiangni Jujube Co on October 29, 2024 and sell it today you would earn a total of 220.00 from holding Haoxiangni Jujube Co or generate 26.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| Cansino Biologics |
| Haoxiangni Jujube |
Cansino Biologics and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Haoxiangni Jujube
The main advantage of trading using opposite Cansino Biologics and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's long position.| Cansino Biologics vs. Cicc Fund Management | Cansino Biologics vs. Chongqing Shunbo Aluminum | Cansino Biologics vs. Suzhou Douson Drilling | Cansino Biologics vs. Bus Online Co |
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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