Correlation Between Shanghai Allist and XBiotech
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By analyzing existing cross correlation between Shanghai Allist Pharmaceuticals and XBiotech, you can compare the effects of market volatilities on Shanghai Allist and XBiotech 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 Shanghai Allist with a short position of XBiotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Allist and XBiotech.
Diversification Opportunities for Shanghai Allist and XBiotech
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Shanghai and XBiotech is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Allist Pharmaceutical and XBiotech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XBiotech and Shanghai Allist 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 Shanghai Allist Pharmaceuticals are associated (or correlated) with XBiotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XBiotech has no effect on the direction of Shanghai Allist i.e., Shanghai Allist and XBiotech go up and down completely randomly.
Pair Corralation between Shanghai Allist and XBiotech
Assuming the 90 days trading horizon Shanghai Allist Pharmaceuticals is expected to generate 0.74 times more return on investment than XBiotech. However, Shanghai Allist Pharmaceuticals is 1.34 times less risky than XBiotech. It trades about 0.07 of its potential returns per unit of risk. XBiotech is currently generating about -0.03 per unit of risk. If you would invest 9,115 in Shanghai Allist Pharmaceuticals on August 15, 2025 and sell it today you would earn a total of 1,041 from holding Shanghai Allist Pharmaceuticals or generate 11.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 92.06% |
| Values | Daily Returns |
Shanghai Allist Pharmaceutical vs. XBiotech
Performance |
| Timeline |
| Shanghai Allist Phar |
| XBiotech |
Shanghai Allist and XBiotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Allist and XBiotech
The main advantage of trading using opposite Shanghai Allist and XBiotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Allist position performs unexpectedly, XBiotech 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 XBiotech will offset losses from the drop in XBiotech's long position.| Shanghai Allist vs. Zhuhai Comleader Information | Shanghai Allist vs. Hubei Yingtong Telecommunication | Shanghai Allist vs. Sunwave Communications Co | Shanghai Allist vs. Anhui Jianghuai Automobile |
| XBiotech vs. Nutriband | XBiotech vs. Adagene | XBiotech vs. Fortress Biotech | XBiotech vs. Tscan 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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