Correlation Between Cansino Biologics and Cinda Securities
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By analyzing existing cross correlation between Cansino Biologics and Cinda Securities Co, you can compare the effects of market volatilities on Cansino Biologics and Cinda Securities 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 Cinda Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Cinda Securities.
Diversification Opportunities for Cansino Biologics and Cinda Securities
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cansino and Cinda is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Cinda Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cinda Securities 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 Cinda Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cinda Securities has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Cinda Securities go up and down completely randomly.
Pair Corralation between Cansino Biologics and Cinda Securities
Assuming the 90 days trading horizon Cansino Biologics is expected to generate 1.19 times more return on investment than Cinda Securities. However, Cansino Biologics is 1.19 times more volatile than Cinda Securities Co. It trades about -0.09 of its potential returns per unit of risk. Cinda Securities Co is currently generating about -0.24 per unit of risk. If you would invest 5,996 in Cansino Biologics on November 3, 2024 and sell it today you would lose (194.00) from holding Cansino Biologics or give up 3.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Cinda Securities Co
Performance |
| Timeline |
| Cansino Biologics |
| Cinda Securities |
Cansino Biologics and Cinda Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Cinda Securities
The main advantage of trading using opposite Cansino Biologics and Cinda Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Cinda Securities 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 Cinda Securities will offset losses from the drop in Cinda Securities' long position.| Cansino Biologics vs. Chinese Universe Publishing | Cansino Biologics vs. Changjiang Publishing Media | Cansino Biologics vs. Easyhome New Retail | Cansino Biologics vs. Yindu Kitchen Equipment |
| Cinda Securities vs. Fujian Boss Software | Cinda Securities vs. Glodon Software Co | Cinda Securities vs. Do Fluoride Chemicals Co | Cinda Securities vs. Miracll Chemicals 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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