Correlation Between Shenzhen Coship and Nanjing OLO
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By analyzing existing cross correlation between Shenzhen Coship Electronics and Nanjing OLO Home, you can compare the effects of market volatilities on Shenzhen Coship and Nanjing OLO 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 Shenzhen Coship with a short position of Nanjing OLO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Coship and Nanjing OLO.
Diversification Opportunities for Shenzhen Coship and Nanjing OLO
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Shenzhen and Nanjing is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Coship Electronics and Nanjing OLO Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing OLO Home and Shenzhen Coship 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 Shenzhen Coship Electronics are associated (or correlated) with Nanjing OLO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing OLO Home has no effect on the direction of Shenzhen Coship i.e., Shenzhen Coship and Nanjing OLO go up and down completely randomly.
Pair Corralation between Shenzhen Coship and Nanjing OLO
Assuming the 90 days trading horizon Shenzhen Coship Electronics is expected to under-perform the Nanjing OLO. In addition to that, Shenzhen Coship is 1.46 times more volatile than Nanjing OLO Home. It trades about -0.09 of its total potential returns per unit of risk. Nanjing OLO Home is currently generating about 0.08 per unit of volatility. If you would invest 612.00 in Nanjing OLO Home on November 1, 2024 and sell it today you would earn a total of 19.00 from holding Nanjing OLO Home or generate 3.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Coship Electronics vs. Nanjing OLO Home
Performance |
| Timeline |
| Shenzhen Coship Elec |
| Nanjing OLO Home |
Shenzhen Coship and Nanjing OLO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Coship and Nanjing OLO
The main advantage of trading using opposite Shenzhen Coship and Nanjing OLO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Coship position performs unexpectedly, Nanjing OLO 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 OLO will offset losses from the drop in Nanjing OLO's long position.| Shenzhen Coship vs. Anhui Transport Consulting | Shenzhen Coship vs. Shenyang Blue Silver | Shenzhen Coship vs. Aluminum Corp of | Shenzhen Coship vs. CITIC Metal Co |
| Nanjing OLO vs. Cloud Live Technology | Nanjing OLO vs. Nanjing Putian Telecommunications | Nanjing OLO vs. Shenzhen Coship Electronics | Nanjing OLO vs. Shenzhen Hifuture Electric |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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