Correlation Between Cansino Biologics and Bar Harbor

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Can any of the company-specific risk be diversified away by investing in both Cansino Biologics and Bar Harbor 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 Bar Harbor into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cansino Biologics and Bar Harbor Bankshares, you can compare the effects of market volatilities on Cansino Biologics and Bar Harbor 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 Bar Harbor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Bar Harbor.

Diversification Opportunities for Cansino Biologics and Bar Harbor

-0.29
  Correlation Coefficient

Very good diversification

The 3 months correlation between Cansino and Bar Harbor is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics and Bar Harbor Bankshares in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bar Harbor Bankshares 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 Bar Harbor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bar Harbor Bankshares has no effect on the direction of Cansino Biologics i.e., Cansino Biologics and Bar Harbor go up and down completely randomly.

Pair Corralation between Cansino Biologics and Bar Harbor

Assuming the 90 days horizon Cansino Biologics is expected to under-perform the Bar Harbor. In addition to that, Cansino Biologics is 2.07 times more volatile than Bar Harbor Bankshares. It trades about -0.03 of its total potential returns per unit of risk. Bar Harbor Bankshares is currently generating about 0.05 per unit of volatility. If you would invest  1,927  in Bar Harbor Bankshares on May 10, 2022 and sell it today you would earn a total of  884.00  from holding Bar Harbor Bankshares or generate 45.87% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Cansino Biologics  vs.  Bar Harbor Bankshares

 Performance (%) 
       Timeline  
Cansino Biologics 
Cansino Performance
0 of 100
Over the last 90 days Cansino Biologics has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental drivers, Cansino Biologics is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

Cansino Price Channel

Bar Harbor Bankshares 
Bar Harbor Performance
6 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Bar Harbor Bankshares are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite somewhat weak technical indicators, Bar Harbor may actually be approaching a critical reversion point that can send shares even higher in September 2022.

Bar Harbor Price Channel

Cansino Biologics and Bar Harbor Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Cansino Biologics and Bar Harbor

The main advantage of trading using opposite Cansino Biologics and Bar Harbor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics position performs unexpectedly, Bar Harbor 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 Bar Harbor will offset losses from the drop in Bar Harbor's long position.

Cansino Biologics

Pair trading matchups for Cansino Biologics

The idea behind Cansino Biologics and Bar Harbor Bankshares pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

Bar Harbor Bankshares

Pair trading matchups for Bar Harbor

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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..

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