Correlation Between Yuan Longping and CGN Nuclear
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By analyzing existing cross correlation between Yuan Longping High tech and CGN Nuclear Technology, you can compare the effects of market volatilities on Yuan Longping and CGN Nuclear 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 Yuan Longping with a short position of CGN Nuclear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuan Longping and CGN Nuclear.
Diversification Opportunities for Yuan Longping and CGN Nuclear
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yuan and CGN is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Yuan Longping High tech and CGN Nuclear Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CGN Nuclear Technology and Yuan Longping 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 Yuan Longping High tech are associated (or correlated) with CGN Nuclear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CGN Nuclear Technology has no effect on the direction of Yuan Longping i.e., Yuan Longping and CGN Nuclear go up and down completely randomly.
Pair Corralation between Yuan Longping and CGN Nuclear
Assuming the 90 days trading horizon Yuan Longping High tech is expected to under-perform the CGN Nuclear. But the stock apears to be less risky and, when comparing its historical volatility, Yuan Longping High tech is 1.35 times less risky than CGN Nuclear. The stock trades about -0.04 of its potential returns per unit of risk. The CGN Nuclear Technology is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 791.00 in CGN Nuclear Technology on August 31, 2024 and sell it today you would lose (4.00) from holding CGN Nuclear Technology or give up 0.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.72% |
| Values | Daily Returns |
Yuan Longping High tech vs. CGN Nuclear Technology
Performance |
| Timeline |
| Yuan Longping High |
| CGN Nuclear Technology |
Yuan Longping and CGN Nuclear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuan Longping and CGN Nuclear
The main advantage of trading using opposite Yuan Longping and CGN Nuclear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuan Longping position performs unexpectedly, CGN Nuclear 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 CGN Nuclear will offset losses from the drop in CGN Nuclear's long position.| Yuan Longping vs. Shanghai Yaoji Playing | Yuan Longping vs. Xiandai Investment Co | Yuan Longping vs. Sportsoul Co Ltd | Yuan Longping vs. Henan Shuanghui Investment |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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