Correlation Between CanSino Biologics and VIVA WINE
Can any of the company-specific risk be diversified away by investing in both CanSino Biologics and VIVA WINE 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 VIVA WINE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CanSino Biologics and VIVA WINE GROUP, you can compare the effects of market volatilities on CanSino Biologics and VIVA WINE 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 VIVA WINE. Check out your portfolio center. Please also check ongoing floating volatility patterns of CanSino Biologics and VIVA WINE.
Diversification Opportunities for CanSino Biologics and VIVA WINE
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between CanSino and VIVA is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding CanSino Biologics and VIVA WINE GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VIVA WINE GROUP 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 VIVA WINE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VIVA WINE GROUP has no effect on the direction of CanSino Biologics i.e., CanSino Biologics and VIVA WINE go up and down completely randomly.
Pair Corralation between CanSino Biologics and VIVA WINE
Assuming the 90 days trading horizon CanSino Biologics is expected to under-perform the VIVA WINE. In addition to that, CanSino Biologics is 1.57 times more volatile than VIVA WINE GROUP. It trades about -0.21 of its total potential returns per unit of risk. VIVA WINE GROUP is currently generating about -0.06 per unit of volatility. If you would invest 339.00 in VIVA WINE GROUP on September 11, 2025 and sell it today you would lose (21.00) from holding VIVA WINE GROUP or give up 6.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CanSino Biologics vs. VIVA WINE GROUP
Performance |
| Timeline |
| CanSino Biologics |
| VIVA WINE GROUP |
CanSino Biologics and VIVA WINE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CanSino Biologics and VIVA WINE
The main advantage of trading using opposite CanSino Biologics and VIVA WINE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CanSino Biologics position performs unexpectedly, VIVA WINE 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 VIVA WINE will offset losses from the drop in VIVA WINE's long position.| CanSino Biologics vs. Perdoceo Education | CanSino Biologics vs. DeVry Education Group | CanSino Biologics vs. Hope Education Group | CanSino Biologics vs. VIVA WINE GROUP |
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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