Correlation Between Cansino Biologics and Cultural Investment
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By analyzing existing cross correlation between Cansino Biologics and Cultural Investment Holdings, you can compare the effects of market volatilities on Cansino Biologics and Cultural Investment 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 Cultural Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Cultural Investment.
Diversification Opportunities for Cansino Biologics and Cultural Investment
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cansino and Cultural is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Cultural Investment Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cultural Investment 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 Cultural Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cultural Investment has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Cultural Investment go up and down completely randomly.
Pair Corralation between Cansino Biologics and Cultural Investment
Assuming the 90 days trading horizon Cansino Biologics is expected to under-perform the Cultural Investment. But the stock apears to be less risky and, when comparing its historical volatility, Cansino Biologics is 1.94 times less risky than Cultural Investment. The stock trades about -0.41 of its potential returns per unit of risk. The Cultural Investment Holdings is currently generating about -0.17 of returns per unit of risk over similar time horizon. If you would invest 244.00 in Cultural Investment Holdings on October 12, 2024 and sell it today you would lose (33.00) from holding Cultural Investment Holdings or give up 13.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Cultural Investment Holdings
Performance |
| Timeline |
| Cansino Biologics |
| Cultural Investment |
Cansino Biologics and Cultural Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Cultural Investment
The main advantage of trading using opposite Cansino Biologics and Cultural Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Cultural Investment 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 Cultural Investment will offset losses from the drop in Cultural Investment's long position.| Cansino Biologics vs. Sharetronic Data Technology | Cansino Biologics vs. HanS Laser Tech | Cansino Biologics vs. JiShi Media Co | Cansino Biologics vs. Cabio Biotech Wuhan |
| Cultural Investment vs. Fujian Longzhou Transportation | Cultural Investment vs. Xinjiang Beixin RoadBridge | Cultural Investment vs. Cansino Biologics | Cultural Investment vs. Shaanxi Broadcast TV |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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