Correlation Between Khiron Life and CanSino Biologics
Can any of the company-specific risk be diversified away by investing in both Khiron Life and CanSino Biologics at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Khiron Life and CanSino Biologics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Khiron Life Sciences and CanSino Biologics, you can compare the effects of market volatilities on Khiron Life and CanSino Biologics 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 Khiron Life with a short position of CanSino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Khiron Life and CanSino Biologics.
Diversification Opportunities for Khiron Life and CanSino Biologics
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Khiron and CanSino is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Khiron Life Sciences and CanSino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CanSino Biologics and Khiron Life 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 Khiron Life Sciences are associated (or correlated) with CanSino Biologics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CanSino Biologics has no effect on the direction of Khiron Life i.e., Khiron Life and CanSino Biologics go up and down completely randomly.
Pair Corralation between Khiron Life and CanSino Biologics
If you would invest 390.00 in CanSino Biologics on September 13, 2024 and sell it today you would earn a total of 45.00 from holding CanSino Biologics or generate 11.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Khiron Life Sciences vs. CanSino Biologics
Performance |
| Timeline |
| Khiron Life Sciences |
| CanSino Biologics |
Khiron Life and CanSino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Khiron Life and CanSino Biologics
The main advantage of trading using opposite Khiron Life and CanSino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Khiron Life position performs unexpectedly, CanSino Biologics 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 CanSino Biologics will offset losses from the drop in CanSino Biologics' long position.| Khiron Life vs. Blueberries Medical Corp | Khiron Life vs. Speakeasy Cannabis Club | Khiron Life vs. City View Green | Khiron Life vs. Benchmark Botanics |
| CanSino Biologics vs. 4Front Ventures Corp | CanSino Biologics vs. Khiron Life Sciences | CanSino Biologics vs. BellRock Brands | CanSino Biologics vs. Elixinol Global |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |