Correlation Between Cansino Biologics and Ming Yang
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By analyzing existing cross correlation between Cansino Biologics and Ming Yang Smart, you can compare the effects of market volatilities on Cansino Biologics and Ming Yang 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 Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Ming Yang.
Diversification Opportunities for Cansino Biologics and Ming Yang
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cansino and Ming is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Ming Yang Smart in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ming Yang Smart 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 Ming Yang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ming Yang Smart has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Ming Yang go up and down completely randomly.
Pair Corralation between Cansino Biologics and Ming Yang
Assuming the 90 days trading horizon Cansino Biologics is expected to generate 0.86 times more return on investment than Ming Yang. However, Cansino Biologics is 1.16 times less risky than Ming Yang. It trades about -0.13 of its potential returns per unit of risk. Ming Yang Smart is currently generating about -0.3 per unit of risk. If you would invest 6,136 in Cansino Biologics on October 23, 2024 and sell it today you would lose (372.00) from holding Cansino Biologics or give up 6.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Cansino Biologics vs. Ming Yang Smart
Performance |
| Timeline |
| Cansino Biologics |
| Ming Yang Smart |
Cansino Biologics and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Ming Yang
The main advantage of trading using opposite Cansino Biologics and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Ming Yang 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 Ming Yang will offset losses from the drop in Ming Yang's long position.| Cansino Biologics vs. Union Semiconductor Co | Cansino Biologics vs. Lontium Semiconductor Corp | Cansino Biologics vs. Jiangxi Lianchuang Opto electronic | Cansino Biologics vs. Thinkon Semiconductor Jinzhou |
| Ming Yang vs. Guangzhou Zhujiang Brewery | Ming Yang vs. Heilongjiang Transport Development | Ming Yang vs. Cansino Biologics | Ming Yang vs. Elite Color Environmental |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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