Correlation Between Xiandai Investment and NAURA Technology
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By analyzing existing cross correlation between Xiandai Investment Co and NAURA Technology Group, you can compare the effects of market volatilities on Xiandai Investment and NAURA Technology 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 Xiandai Investment with a short position of NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiandai Investment and NAURA Technology.
Diversification Opportunities for Xiandai Investment and NAURA Technology
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xiandai and NAURA is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Xiandai Investment Co and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA Technology and Xiandai Investment 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 Xiandai Investment Co are associated (or correlated) with NAURA Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAURA Technology has no effect on the direction of Xiandai Investment i.e., Xiandai Investment and NAURA Technology go up and down completely randomly.
Pair Corralation between Xiandai Investment and NAURA Technology
Assuming the 90 days trading horizon Xiandai Investment Co is expected to under-perform the NAURA Technology. But the stock apears to be less risky and, when comparing its historical volatility, Xiandai Investment Co is 2.86 times less risky than NAURA Technology. The stock trades about -0.06 of its potential returns per unit of risk. The NAURA Technology Group is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 41,130 in NAURA Technology Group on December 8, 2024 and sell it today you would earn a total of 5,370 from holding NAURA Technology Group or generate 13.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiandai Investment Co vs. NAURA Technology Group
Performance |
| Timeline |
| Xiandai Investment |
| NAURA Technology |
Xiandai Investment and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiandai Investment and NAURA Technology
The main advantage of trading using opposite Xiandai Investment and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiandai Investment position performs unexpectedly, NAURA Technology 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 NAURA Technology will offset losses from the drop in NAURA Technology's long position.| Xiandai Investment vs. Industrial and Commercial | ||
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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