Correlation Between Cansino Biologics and Iat Automobile
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By analyzing existing cross correlation between Cansino Biologics and Iat Automobile Technology, you can compare the effects of market volatilities on Cansino Biologics and Iat Automobile 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 Iat Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Iat Automobile.
Diversification Opportunities for Cansino Biologics and Iat Automobile
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Cansino and Iat is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Iat Automobile Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iat Automobile Technology 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 Iat Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iat Automobile Technology has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Iat Automobile go up and down completely randomly.
Pair Corralation between Cansino Biologics and Iat Automobile
Assuming the 90 days trading horizon Cansino Biologics is expected to generate 0.6 times more return on investment than Iat Automobile. However, Cansino Biologics is 1.66 times less risky than Iat Automobile. It trades about -0.09 of its potential returns per unit of risk. Iat Automobile Technology is currently generating about -0.08 per unit of risk. If you would invest 6,390 in Cansino Biologics on September 26, 2024 and sell it today you would lose (267.00) from holding Cansino Biologics or give up 4.18% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Cansino Biologics vs. Iat Automobile Technology
Performance |
Timeline |
Cansino Biologics |
Iat Automobile Technology |
Cansino Biologics and Iat Automobile Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cansino Biologics and Iat Automobile
The main advantage of trading using opposite Cansino Biologics and Iat Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Iat Automobile 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 Iat Automobile will offset losses from the drop in Iat Automobile's long position.Cansino Biologics vs. Agricultural Bank of | Cansino Biologics vs. Industrial and Commercial | Cansino Biologics vs. Bank of China | Cansino Biologics vs. China Construction Bank |
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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 Stocks Directory module to find actively traded stocks across global markets.
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