Correlation Between CGN Nuclear and Hunan Tyen
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By analyzing existing cross correlation between CGN Nuclear Technology and Hunan Tyen Machinery, you can compare the effects of market volatilities on CGN Nuclear and Hunan Tyen 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 Hunan Tyen. Check out your portfolio center. Please also check ongoing floating volatility patterns of CGN Nuclear and Hunan Tyen.
Diversification Opportunities for CGN Nuclear and Hunan Tyen
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CGN and Hunan is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding CGN Nuclear Technology and Hunan Tyen Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Tyen Machinery 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 Hunan Tyen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Tyen Machinery has no effect on the direction of CGN Nuclear i.e., CGN Nuclear and Hunan Tyen go up and down completely randomly.
Pair Corralation between CGN Nuclear and Hunan Tyen
Assuming the 90 days trading horizon CGN Nuclear is expected to generate 19.61 times less return on investment than Hunan Tyen. But when comparing it to its historical volatility, CGN Nuclear Technology is 1.29 times less risky than Hunan Tyen. It trades about 0.0 of its potential returns per unit of risk. Hunan Tyen Machinery is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 449.00 in Hunan Tyen Machinery on October 16, 2024 and sell it today you would earn a total of 101.00 from holding Hunan Tyen Machinery or generate 22.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.7% |
| Values | Daily Returns |
CGN Nuclear Technology vs. Hunan Tyen Machinery
Performance |
| Timeline |
| CGN Nuclear Technology |
| Hunan Tyen Machinery |
CGN Nuclear and Hunan Tyen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CGN Nuclear and Hunan Tyen
The main advantage of trading using opposite CGN Nuclear and Hunan Tyen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CGN Nuclear position performs unexpectedly, Hunan Tyen 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 Hunan Tyen will offset losses from the drop in Hunan Tyen's long position.| CGN Nuclear vs. Innovative Medical Management | CGN Nuclear vs. Harvest Fund Management | CGN Nuclear vs. Sanbo Hospital Management | CGN Nuclear vs. Anhui Huilong Agricultural |
| Hunan Tyen vs. Kuangda Technology Group | Hunan Tyen vs. Cabio Biotech Wuhan | Hunan Tyen vs. CGN Nuclear Technology | Hunan Tyen vs. XiaMen HongXin Electron tech |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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