Correlation Between Cansino Biologics and Luyin Investment
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By analyzing existing cross correlation between Cansino Biologics and Luyin Investment Group, you can compare the effects of market volatilities on Cansino Biologics and Luyin 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 Luyin Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Luyin Investment.
Diversification Opportunities for Cansino Biologics and Luyin Investment
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cansino and Luyin is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Luyin Investment Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Luyin 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 Luyin Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Luyin Investment has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Luyin Investment go up and down completely randomly.
Pair Corralation between Cansino Biologics and Luyin Investment
Assuming the 90 days trading horizon Cansino Biologics is expected to generate 1.98 times more return on investment than Luyin Investment. However, Cansino Biologics is 1.98 times more volatile than Luyin Investment Group. It trades about 0.05 of its potential returns per unit of risk. Luyin Investment Group is currently generating about 0.07 per unit of risk. If you would invest 4,642 in Cansino Biologics on October 13, 2024 and sell it today you would earn a total of 869.00 from holding Cansino Biologics or generate 18.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Luyin Investment Group
Performance |
| Timeline |
| Cansino Biologics |
| Luyin Investment |
Cansino Biologics and Luyin Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Luyin Investment
The main advantage of trading using opposite Cansino Biologics and Luyin Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Luyin 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 Luyin Investment will offset losses from the drop in Luyin 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 |
| Luyin Investment vs. Masterwork Machinery | Luyin Investment vs. Gifore Agricultural Machinery | Luyin Investment vs. Jointo Energy Investment | Luyin Investment vs. Sinomach General Machinery |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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