Correlation Between Cansino Biologics and Gan Yuan
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By analyzing existing cross correlation between Cansino Biologics and Gan Yuan Foods, you can compare the effects of market volatilities on Cansino Biologics and Gan Yuan 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 Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Gan Yuan.
Diversification Opportunities for Cansino Biologics and Gan Yuan
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Cansino and Gan is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan Foods 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 Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Gan Yuan go up and down completely randomly.
Pair Corralation between Cansino Biologics and Gan Yuan
Assuming the 90 days trading horizon Cansino Biologics is expected to under-perform the Gan Yuan. In addition to that, Cansino Biologics is 1.3 times more volatile than Gan Yuan Foods. It trades about -0.05 of its total potential returns per unit of risk. Gan Yuan Foods is currently generating about 0.03 per unit of volatility. If you would invest 7,124 in Gan Yuan Foods on October 11, 2024 and sell it today you would earn a total of 1,435 from holding Gan Yuan Foods or generate 20.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Gan Yuan Foods
Performance |
| Timeline |
| Cansino Biologics |
| Gan Yuan Foods |
Cansino Biologics and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Gan Yuan
The main advantage of trading using opposite Cansino Biologics and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan's long position.| Cansino Biologics vs. Sichuan Fulin Transportation | Cansino Biologics vs. Chengdu Xinzhu RoadBridge | Cansino Biologics vs. Oppein Home Group | Cansino Biologics vs. DO Home Collection |
| Gan Yuan vs. Anji Foodstuff Co | Gan Yuan vs. Caihong Display Devices | Gan Yuan vs. Shenzhen AV Display Co | Gan Yuan vs. Muyuan Foodstuff 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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