Correlation Between Ningxia Younglight and Allgens Medical
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By analyzing existing cross correlation between Ningxia Younglight Chemicals and Allgens Medical Technology, you can compare the effects of market volatilities on Ningxia Younglight and Allgens Medical 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 Ningxia Younglight with a short position of Allgens Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningxia Younglight and Allgens Medical.
Diversification Opportunities for Ningxia Younglight and Allgens Medical
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningxia and Allgens is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Ningxia Younglight Chemicals and Allgens Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allgens Medical Tech and Ningxia Younglight 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 Ningxia Younglight Chemicals are associated (or correlated) with Allgens Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allgens Medical Tech has no effect on the direction of Ningxia Younglight i.e., Ningxia Younglight and Allgens Medical go up and down completely randomly.
Pair Corralation between Ningxia Younglight and Allgens Medical
Assuming the 90 days trading horizon Ningxia Younglight Chemicals is expected to generate 1.06 times more return on investment than Allgens Medical. However, Ningxia Younglight is 1.06 times more volatile than Allgens Medical Technology. It trades about 0.01 of its potential returns per unit of risk. Allgens Medical Technology is currently generating about 0.0 per unit of risk. If you would invest 849.00 in Ningxia Younglight Chemicals on October 16, 2024 and sell it today you would lose (88.00) from holding Ningxia Younglight Chemicals or give up 10.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningxia Younglight Chemicals vs. Allgens Medical Technology
Performance |
| Timeline |
| Ningxia Younglight |
| Allgens Medical Tech |
Ningxia Younglight and Allgens Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningxia Younglight and Allgens Medical
The main advantage of trading using opposite Ningxia Younglight and Allgens Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningxia Younglight position performs unexpectedly, Allgens Medical 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 Allgens Medical will offset losses from the drop in Allgens Medical's long position.| Ningxia Younglight vs. BTG Hotels Group | Ningxia Younglight vs. Tieling Newcity Investment | Ningxia Younglight vs. Weichai Heavy Machinery | Ningxia Younglight vs. Gifore Agricultural Machinery |
| Allgens Medical vs. Liuzhou Chemical Industry | Allgens Medical vs. Dosilicon Co | Allgens Medical vs. Shandong Rike Chemical | Allgens Medical vs. Ningxia Younglight Chemicals |
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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