Correlation Between CanSino Biologics and WESTERN REFINING
Can any of the company-specific risk be diversified away by investing in both CanSino Biologics and WESTERN REFINING 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 CanSino Biologics and WESTERN REFINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CanSino Biologics and WESTERN REFINING, you can compare the effects of market volatilities on CanSino Biologics and WESTERN REFINING 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 WESTERN REFINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of CanSino Biologics and WESTERN REFINING.
Diversification Opportunities for CanSino Biologics and WESTERN REFINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CanSino and WESTERN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CanSino Biologics and WESTERN REFINING in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WESTERN REFINING 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 WESTERN REFINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WESTERN REFINING has no effect on the direction of CanSino Biologics i.e., CanSino Biologics and WESTERN REFINING go up and down completely randomly.
Pair Corralation between CanSino Biologics and WESTERN REFINING
If you would invest (100.00) in WESTERN REFINING on October 10, 2024 and sell it today you would earn a total of 100.00 from holding WESTERN REFINING or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
CanSino Biologics vs. WESTERN REFINING
Performance |
Timeline |
CanSino Biologics |
WESTERN REFINING |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
CanSino Biologics and WESTERN REFINING Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CanSino Biologics and WESTERN REFINING
The main advantage of trading using opposite CanSino Biologics and WESTERN REFINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CanSino Biologics position performs unexpectedly, WESTERN REFINING 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 WESTERN REFINING will offset losses from the drop in WESTERN REFINING's long position.CanSino Biologics vs. ADDUS HOMECARE | CanSino Biologics vs. Scientific Games | CanSino Biologics vs. GigaMedia | CanSino Biologics vs. OURGAME INTHOLDL 00005 |
WESTERN REFINING vs. Commercial Vehicle Group | WESTERN REFINING vs. Gaztransport Technigaz SA | WESTERN REFINING vs. CanSino Biologics | WESTERN REFINING vs. SOEDER SPORTFISKE AB |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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