Correlation Between Cansino Biologics and Runjian Communication
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By analyzing existing cross correlation between Cansino Biologics and Runjian Communication Co, you can compare the effects of market volatilities on Cansino Biologics and Runjian Communication 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 Runjian Communication. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Runjian Communication.
Diversification Opportunities for Cansino Biologics and Runjian Communication
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Cansino and Runjian is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Runjian Communication Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Runjian Communication 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 Runjian Communication. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Runjian Communication has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Runjian Communication go up and down completely randomly.
Pair Corralation between Cansino Biologics and Runjian Communication
Assuming the 90 days trading horizon Cansino Biologics is expected to under-perform the Runjian Communication. But the stock apears to be less risky and, when comparing its historical volatility, Cansino Biologics is 1.43 times less risky than Runjian Communication. The stock trades about -0.07 of its potential returns per unit of risk. The Runjian Communication Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 3,301 in Runjian Communication Co on October 26, 2024 and sell it today you would earn a total of 7.00 from holding Runjian Communication Co or generate 0.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Runjian Communication Co
Performance |
| Timeline |
| Cansino Biologics |
| Runjian Communication |
Cansino Biologics and Runjian Communication Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Runjian Communication
The main advantage of trading using opposite Cansino Biologics and Runjian Communication positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Runjian Communication 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 Runjian Communication will offset losses from the drop in Runjian Communication's long position.| Cansino Biologics vs. Zhejiang Yongjin Metal | Cansino Biologics vs. Guangdong Jingyi Metal | Cansino Biologics vs. Harvest Fund Management | Cansino Biologics vs. Ningbo Jintian Copper |
| Runjian Communication vs. Cicc Fund Management | Runjian Communication vs. Cansino Biologics | Runjian Communication vs. CGN Nuclear Technology | Runjian Communication vs. Jinhe Biotechnology 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 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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