Correlation Between Shenzhen Centralcon and CGN Nuclear
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By analyzing existing cross correlation between Shenzhen Centralcon Investment and CGN Nuclear Technology, you can compare the effects of market volatilities on Shenzhen Centralcon and CGN Nuclear 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 Shenzhen Centralcon with a short position of CGN Nuclear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Centralcon and CGN Nuclear.
Diversification Opportunities for Shenzhen Centralcon and CGN Nuclear
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and CGN is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Centralcon Investment and CGN Nuclear Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CGN Nuclear Technology and Shenzhen Centralcon 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 Shenzhen Centralcon Investment are associated (or correlated) with CGN Nuclear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CGN Nuclear Technology has no effect on the direction of Shenzhen Centralcon i.e., Shenzhen Centralcon and CGN Nuclear go up and down completely randomly.
Pair Corralation between Shenzhen Centralcon and CGN Nuclear
Assuming the 90 days trading horizon Shenzhen Centralcon is expected to generate 2.99 times less return on investment than CGN Nuclear. But when comparing it to its historical volatility, Shenzhen Centralcon Investment is 1.17 times less risky than CGN Nuclear. It trades about 0.06 of its potential returns per unit of risk. CGN Nuclear Technology is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 725.00 in CGN Nuclear Technology on September 1, 2024 and sell it today you would earn a total of 70.00 from holding CGN Nuclear Technology or generate 9.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Shenzhen Centralcon Investment vs. CGN Nuclear Technology
Performance |
| Timeline |
| Shenzhen Centralcon |
| CGN Nuclear Technology |
Shenzhen Centralcon and CGN Nuclear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Centralcon and CGN Nuclear
The main advantage of trading using opposite Shenzhen Centralcon and CGN Nuclear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Centralcon position performs unexpectedly, CGN Nuclear 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 CGN Nuclear will offset losses from the drop in CGN Nuclear's long position.| Shenzhen Centralcon vs. Anhui Huilong Agricultural | Shenzhen Centralcon vs. Huitong Construction Group | Shenzhen Centralcon vs. Kuangda Technology Group | Shenzhen Centralcon vs. Allied Machinery Co |
| CGN Nuclear vs. Zijin Mining Group | CGN Nuclear vs. Wanhua Chemical Group | CGN Nuclear vs. Baoshan Iron Steel | CGN Nuclear vs. Shandong Gold Mining |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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