Correlation Between Vanfund Urban and Nanjing Putian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Vanfund Urban Investment and Nanjing Putian Telecommunications, you can compare the effects of market volatilities on Vanfund Urban and Nanjing Putian 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 Vanfund Urban with a short position of Nanjing Putian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vanfund Urban and Nanjing Putian.
Diversification Opportunities for Vanfund Urban and Nanjing Putian
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Vanfund and Nanjing is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Vanfund Urban Investment and Nanjing Putian Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Putian Telec and Vanfund Urban 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 Vanfund Urban Investment are associated (or correlated) with Nanjing Putian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Putian Telec has no effect on the direction of Vanfund Urban i.e., Vanfund Urban and Nanjing Putian go up and down completely randomly.
Pair Corralation between Vanfund Urban and Nanjing Putian
Assuming the 90 days trading horizon Vanfund Urban Investment is expected to under-perform the Nanjing Putian. But the stock apears to be less risky and, when comparing its historical volatility, Vanfund Urban Investment is 1.0 times less risky than Nanjing Putian. The stock trades about 0.0 of its potential returns per unit of risk. The Nanjing Putian Telecommunications is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 340.00 in Nanjing Putian Telecommunications on November 22, 2024 and sell it today you would earn a total of 67.00 from holding Nanjing Putian Telecommunications or generate 19.71% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Vanfund Urban Investment vs. Nanjing Putian Telecommunicati
Performance |
Timeline |
Vanfund Urban Investment |
Nanjing Putian Telec |
Vanfund Urban and Nanjing Putian Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Vanfund Urban and Nanjing Putian
The main advantage of trading using opposite Vanfund Urban and Nanjing Putian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vanfund Urban position performs unexpectedly, Nanjing Putian 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 Nanjing Putian will offset losses from the drop in Nanjing Putian's long position.Vanfund Urban vs. Gan Yuan Foods | ||
Vanfund Urban vs. Jiahe Foods Industry | ||
Vanfund Urban vs. HaiXin Foods Co | ||
Vanfund Urban vs. Jiangsu Financial Leasing |
Nanjing Putian vs. Guilin Seamild Foods | ||
Nanjing Putian vs. JuneYao Dairy Co | ||
Nanjing Putian vs. Aba Chemicals Corp | ||
Nanjing Putian vs. Anhui Huaren Health |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
Global Correlations Find global opportunities by holding instruments from different markets |