Correlation Between Cansino Biologics and Qiaoyin Environmental
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By analyzing existing cross correlation between Cansino Biologics and Qiaoyin Environmental Tech, you can compare the effects of market volatilities on Cansino Biologics and Qiaoyin Environmental 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 Qiaoyin Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Qiaoyin Environmental.
Diversification Opportunities for Cansino Biologics and Qiaoyin Environmental
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Cansino and Qiaoyin is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Qiaoyin Environmental Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qiaoyin Environmental 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 Qiaoyin Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qiaoyin Environmental has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Qiaoyin Environmental go up and down completely randomly.
Pair Corralation between Cansino Biologics and Qiaoyin Environmental
Assuming the 90 days trading horizon Cansino Biologics is expected to under-perform the Qiaoyin Environmental. But the stock apears to be less risky and, when comparing its historical volatility, Cansino Biologics is 1.22 times less risky than Qiaoyin Environmental. The stock trades about -0.38 of its potential returns per unit of risk. The Qiaoyin Environmental Tech is currently generating about -0.24 of returns per unit of risk over similar time horizon. If you would invest 1,131 in Qiaoyin Environmental Tech on October 14, 2024 and sell it today you would lose (128.00) from holding Qiaoyin Environmental Tech or give up 11.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Qiaoyin Environmental Tech
Performance |
| Timeline |
| Cansino Biologics |
| Qiaoyin Environmental |
Cansino Biologics and Qiaoyin Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Qiaoyin Environmental
The main advantage of trading using opposite Cansino Biologics and Qiaoyin Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Qiaoyin Environmental 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 Qiaoyin Environmental will offset losses from the drop in Qiaoyin Environmental's long position.| Cansino Biologics vs. Kidswant Children Products | Cansino Biologics vs. Everdisplay Optronics Shanghai | Cansino Biologics vs. Liuzhou Chemical Industry | Cansino Biologics vs. Shuhua Sports Co |
| Qiaoyin Environmental vs. Huatian Hotel Group | Qiaoyin Environmental vs. Panda Dairy Corp | Qiaoyin Environmental vs. Cansino Biologics | Qiaoyin Environmental vs. Jiajia Food Group |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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