Correlation Between INKON Life and Cansino Biologics
Specify exactly 2 symbols:
By analyzing existing cross correlation between INKON Life Technology and Cansino Biologics, you can compare the effects of market volatilities on INKON 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 INKON Life with a short position of Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of INKON Life and Cansino Biologics.
Diversification Opportunities for INKON Life and Cansino Biologics
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between INKON and Cansino is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding INKON Life Technology and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics and INKON 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 INKON Life Technology 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 INKON Life i.e., INKON Life and Cansino Biologics go up and down completely randomly.
Pair Corralation between INKON Life and Cansino Biologics
Assuming the 90 days trading horizon INKON Life Technology is expected to under-perform the Cansino Biologics. But the stock apears to be less risky and, when comparing its historical volatility, INKON Life Technology is 1.08 times less risky than Cansino Biologics. The stock trades about -0.13 of its potential returns per unit of risk. The Cansino Biologics is currently generating about -0.08 of returns per unit of risk over similar time horizon. If you would invest 6,390 in Cansino Biologics on September 25, 2024 and sell it today you would lose (254.00) from holding Cansino Biologics or give up 3.97% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
INKON Life Technology vs. Cansino Biologics
Performance |
Timeline |
INKON Life Technology |
Cansino Biologics |
INKON Life and Cansino Biologics Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with INKON Life and Cansino Biologics
The main advantage of trading using opposite INKON Life and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INKON 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.INKON Life vs. China Publishing Media | INKON Life vs. Mango Excellent Media | INKON Life vs. China National Software | INKON Life vs. Chengdu B ray Media |
Cansino Biologics vs. Iat Automobile Technology | Cansino Biologics vs. INKON Life Technology | Cansino Biologics vs. Kuang Chi Technologies | Cansino Biologics vs. Tianshui Huatian Technology |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |