Correlation Between Cansino Biologics and Shanghai Pudong
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By analyzing existing cross correlation between Cansino Biologics and Shanghai Pudong Development, you can compare the effects of market volatilities on Cansino Biologics and Shanghai Pudong 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 Shanghai Pudong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Shanghai Pudong.
Diversification Opportunities for Cansino Biologics and Shanghai Pudong
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cansino and Shanghai is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Shanghai Pudong Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Pudong Deve 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 Shanghai Pudong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Pudong Deve has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Shanghai Pudong go up and down completely randomly.
Pair Corralation between Cansino Biologics and Shanghai Pudong
Assuming the 90 days trading horizon Cansino Biologics is expected to under-perform the Shanghai Pudong. In addition to that, Cansino Biologics is 1.32 times more volatile than Shanghai Pudong Development. It trades about -0.09 of its total potential returns per unit of risk. Shanghai Pudong Development is currently generating about 0.2 per unit of volatility. If you would invest 1,013 in Shanghai Pudong Development on November 3, 2024 and sell it today you would earn a total of 52.00 from holding Shanghai Pudong Development or generate 5.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Shanghai Pudong Development
Performance |
| Timeline |
| Cansino Biologics |
| Shanghai Pudong Deve |
Cansino Biologics and Shanghai Pudong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Shanghai Pudong
The main advantage of trading using opposite Cansino Biologics and Shanghai Pudong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Shanghai Pudong 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 Shanghai Pudong will offset losses from the drop in Shanghai Pudong's long position.| Cansino Biologics vs. Integrated Electronic Systems | Cansino Biologics vs. Changjiang Publishing Media | Cansino Biologics vs. Dongnan Electronics Co | Cansino Biologics vs. Thinkingdom Media Group |
| Shanghai Pudong vs. Queclink Wireless Solutions | Shanghai Pudong vs. UE Furniture Co | Shanghai Pudong vs. AUPU Home Style | Shanghai Pudong vs. Marssenger Kitchenware 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 CEOs Directory module to screen CEOs from public companies around the world.
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