Correlation Between CGN Nuclear and Sichuan Yahua
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By analyzing existing cross correlation between CGN Nuclear Technology and Sichuan Yahua Industrial, you can compare the effects of market volatilities on CGN Nuclear and Sichuan Yahua 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 CGN Nuclear with a short position of Sichuan Yahua. Check out your portfolio center. Please also check ongoing floating volatility patterns of CGN Nuclear and Sichuan Yahua.
Diversification Opportunities for CGN Nuclear and Sichuan Yahua
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CGN and Sichuan is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding CGN Nuclear Technology and Sichuan Yahua Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Yahua Industrial and CGN Nuclear 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 CGN Nuclear Technology are associated (or correlated) with Sichuan Yahua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Yahua Industrial has no effect on the direction of CGN Nuclear i.e., CGN Nuclear and Sichuan Yahua go up and down completely randomly.
Pair Corralation between CGN Nuclear and Sichuan Yahua
Assuming the 90 days trading horizon CGN Nuclear Technology is expected to generate 1.0 times more return on investment than Sichuan Yahua. However, CGN Nuclear Technology is 1.0 times less risky than Sichuan Yahua. It trades about 0.03 of its potential returns per unit of risk. Sichuan Yahua Industrial is currently generating about 0.0 per unit of risk. If you would invest 725.00 in CGN Nuclear Technology on August 25, 2024 and sell it today you would earn a total of 67.00 from holding CGN Nuclear Technology or generate 9.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CGN Nuclear Technology vs. Sichuan Yahua Industrial
Performance |
| Timeline |
| CGN Nuclear Technology |
| Sichuan Yahua Industrial |
CGN Nuclear and Sichuan Yahua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CGN Nuclear and Sichuan Yahua
The main advantage of trading using opposite CGN Nuclear and Sichuan Yahua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CGN Nuclear position performs unexpectedly, Sichuan Yahua 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 Sichuan Yahua will offset losses from the drop in Sichuan Yahua's long position.| CGN Nuclear vs. Zijin Mining Group | CGN Nuclear vs. Wanhua Chemical Group | CGN Nuclear vs. Baoshan Iron Steel | CGN Nuclear vs. Shandong Gold Mining |
| Sichuan Yahua vs. Changchun UP Optotech | Sichuan Yahua vs. Anhui Deli Household | Sichuan Yahua vs. Kangping Technology Co | Sichuan Yahua vs. CGN Nuclear Technology |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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