Correlation Between Origin Agritech and Sinovac Biotech
Can any of the company-specific risk be diversified away by investing in both Origin Agritech and Sinovac Biotech 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 Origin Agritech and Sinovac Biotech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Origin Agritech and Sinovac Biotech, you can compare the effects of market volatilities on Origin Agritech and Sinovac Biotech 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 Origin Agritech with a short position of Sinovac Biotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Origin Agritech and Sinovac Biotech.
Diversification Opportunities for Origin Agritech and Sinovac Biotech
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Origin and Sinovac is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Origin Agritech and Sinovac Biotech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinovac Biotech and Origin Agritech 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 Origin Agritech are associated (or correlated) with Sinovac Biotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinovac Biotech has no effect on the direction of Origin Agritech i.e., Origin Agritech and Sinovac Biotech go up and down completely randomly.
Pair Corralation between Origin Agritech and Sinovac Biotech
If you would invest 261.00 in Origin Agritech on January 20, 2024 and sell it today you would earn a total of 56.00 from holding Origin Agritech or generate 21.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Origin Agritech vs. Sinovac Biotech
Performance |
| Timeline |
| Origin Agritech |
| Sinovac Biotech |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Origin Agritech and Sinovac Biotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Origin Agritech and Sinovac Biotech
The main advantage of trading using opposite Origin Agritech and Sinovac Biotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Origin Agritech position performs unexpectedly, Sinovac Biotech 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 Sinovac Biotech will offset losses from the drop in Sinovac Biotech's long position.| Origin Agritech vs. Benson Hill | Origin Agritech vs. Corteva | Origin Agritech vs. Scotts Miracle Gro | Origin Agritech vs. Yara International ASA |
| Sinovac Biotech vs. Aerovate Therapeutics | Sinovac Biotech vs. Anebulo Pharmaceuticals | Sinovac Biotech vs. Mineralys Therapeutics Common | Sinovac Biotech vs. Enliven Therapeutics |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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