Correlation Between Cansino Biologics and Oppein Home
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By analyzing existing cross correlation between Cansino Biologics and Oppein Home Group, you can compare the effects of market volatilities on Cansino Biologics and Oppein Home 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 Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Oppein Home.
Diversification Opportunities for Cansino Biologics and Oppein Home
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cansino and Oppein is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Oppein Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppein Home Group 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 Oppein Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppein Home Group has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Oppein Home go up and down completely randomly.
Pair Corralation between Cansino Biologics and Oppein Home
Assuming the 90 days trading horizon Cansino Biologics is expected to generate 1.16 times more return on investment than Oppein Home. However, Cansino Biologics is 1.16 times more volatile than Oppein Home Group. It trades about 0.04 of its potential returns per unit of risk. Oppein Home Group is currently generating about 0.03 per unit of risk. If you would invest 4,730 in Cansino Biologics on October 14, 2024 and sell it today you would earn a total of 781.00 from holding Cansino Biologics or generate 16.51% 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. Oppein Home Group
Performance |
| Timeline |
| Cansino Biologics |
| Oppein Home Group |
Cansino Biologics and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Oppein Home
The main advantage of trading using opposite Cansino Biologics and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Oppein Home 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 Oppein Home will offset losses from the drop in Oppein Home's long position.| Cansino Biologics vs. Emdoor Information Co | Cansino Biologics vs. Pengxin International Mining | Cansino Biologics vs. Jonjee Hi tech Industrial | Cansino Biologics vs. Tibet Huayu Mining |
| Oppein Home vs. Heren Health Co | Oppein Home vs. Bus Online Co | Oppein Home vs. Cansino Biologics | Oppein Home vs. Shandong Sinoglory Health |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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