Correlation Between CGN Nuclear and Beijing Roborock
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By analyzing existing cross correlation between CGN Nuclear Technology and Beijing Roborock Technology, you can compare the effects of market volatilities on CGN Nuclear and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of CGN Nuclear and Beijing Roborock.
Diversification Opportunities for CGN Nuclear and Beijing Roborock
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CGN and Beijing is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CGN Nuclear Technology and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of CGN Nuclear i.e., CGN Nuclear and Beijing Roborock go up and down completely randomly.
Pair Corralation between CGN Nuclear and Beijing Roborock
Assuming the 90 days trading horizon CGN Nuclear Technology is expected to generate 0.81 times more return on investment than Beijing Roborock. However, CGN Nuclear Technology is 1.23 times less risky than Beijing Roborock. It trades about 0.15 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about -0.31 per unit of risk. If you would invest 726.00 in CGN Nuclear Technology on August 30, 2024 and sell it today you would earn a total of 66.00 from holding CGN Nuclear Technology or generate 9.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CGN Nuclear Technology vs. Beijing Roborock Technology
Performance |
| Timeline |
| CGN Nuclear Technology |
| Beijing Roborock Tec |
CGN Nuclear and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CGN Nuclear and Beijing Roborock
The main advantage of trading using opposite CGN Nuclear and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CGN Nuclear position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| CGN Nuclear vs. Xingguang Agricultural Mach | CGN Nuclear vs. Holitech Technology Co | CGN Nuclear vs. Huitong Construction Group | CGN Nuclear vs. ROPEOK Technology Group |
| Beijing Roborock vs. Jinhui Liquor Co | Beijing Roborock vs. Guangdong Qunxing Toys | Beijing Roborock vs. Guangzhou Automobile Group | Beijing Roborock vs. Jiangyin Jianghua Microelectronics |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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