Correlation Between China Securities and Nanjing Vishee
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By analyzing existing cross correlation between China Securities 800 and Nanjing Vishee Medical, you can compare the effects of market volatilities on China Securities and Nanjing Vishee 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 China Securities with a short position of Nanjing Vishee. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Nanjing Vishee.
Diversification Opportunities for China Securities and Nanjing Vishee
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between China and Nanjing is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and Nanjing Vishee Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Vishee Medical and China Securities 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 China Securities 800 are associated (or correlated) with Nanjing Vishee. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Vishee Medical has no effect on the direction of China Securities i.e., China Securities and Nanjing Vishee go up and down completely randomly.
Pair Corralation between China Securities and Nanjing Vishee
Assuming the 90 days trading horizon China Securities 800 is expected to generate 0.38 times more return on investment than Nanjing Vishee. However, China Securities 800 is 2.61 times less risky than Nanjing Vishee. It trades about 0.03 of its potential returns per unit of risk. Nanjing Vishee Medical is currently generating about -0.05 per unit of risk. If you would invest 384,471 in China Securities 800 on October 12, 2024 and sell it today you would earn a total of 20,698 from holding China Securities 800 or generate 5.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. Nanjing Vishee Medical
Performance |
| Timeline |
China Securities and Nanjing Vishee Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Nanjing Vishee Medical
Pair trading matchups for Nanjing Vishee
Pair Trading with China Securities and Nanjing Vishee
The main advantage of trading using opposite China Securities and Nanjing Vishee positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, Nanjing Vishee 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 Vishee will offset losses from the drop in Nanjing Vishee's long position.| China Securities vs. Huatian Hotel Group | China Securities vs. Keeson Technology Corp | China Securities vs. Jiujiang Shanshui Technology | China Securities vs. Smartgiant Technology Co |
| Nanjing Vishee vs. Holitech Technology Co | Nanjing Vishee vs. Zotye Automobile Co | Nanjing Vishee vs. Bus Online Co | Nanjing Vishee vs. Cultural Investment Holdings |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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