Correlation Between Cansino Biologics and Chenzhou Jingui
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By analyzing existing cross correlation between Cansino Biologics and Chenzhou Jingui Silver, you can compare the effects of market volatilities on Cansino Biologics and Chenzhou Jingui 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 Chenzhou Jingui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Chenzhou Jingui.
Diversification Opportunities for Cansino Biologics and Chenzhou Jingui
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cansino and Chenzhou is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Chenzhou Jingui Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chenzhou Jingui Silver 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 Chenzhou Jingui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chenzhou Jingui Silver has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Chenzhou Jingui go up and down completely randomly.
Pair Corralation between Cansino Biologics and Chenzhou Jingui
Assuming the 90 days trading horizon Cansino Biologics is expected to under-perform the Chenzhou Jingui. In addition to that, Cansino Biologics is 1.19 times more volatile than Chenzhou Jingui Silver. It trades about -0.21 of its total potential returns per unit of risk. Chenzhou Jingui Silver is currently generating about -0.11 per unit of volatility. If you would invest 372.00 in Chenzhou Jingui Silver on October 21, 2024 and sell it today you would lose (17.00) from holding Chenzhou Jingui Silver or give up 4.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Chenzhou Jingui Silver
Performance |
| Timeline |
| Cansino Biologics |
| Chenzhou Jingui Silver |
Cansino Biologics and Chenzhou Jingui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Chenzhou Jingui
The main advantage of trading using opposite Cansino Biologics and Chenzhou Jingui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Chenzhou Jingui 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 Chenzhou Jingui will offset losses from the drop in Chenzhou Jingui's long position.| Cansino Biologics vs. Shijiazhuang Tonhe Electronics | Cansino Biologics vs. Zhongrun Resources Investment | Cansino Biologics vs. Fuzhou Rockchip Electronics | Cansino Biologics vs. Jiangsu Yueda Investment |
| Chenzhou Jingui vs. Nanjing Vishee Medical | Chenzhou Jingui vs. Fujian Oriental Silver | Chenzhou Jingui vs. China Life Insurance | Chenzhou Jingui vs. Ping An Insurance |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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