Correlation Between Ningbo Kangqiang and Mango Excellent
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By analyzing existing cross correlation between Ningbo Kangqiang Electronics and Mango Excellent Media, you can compare the effects of market volatilities on Ningbo Kangqiang and Mango Excellent 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 Ningbo Kangqiang with a short position of Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Kangqiang and Mango Excellent.
Diversification Opportunities for Ningbo Kangqiang and Mango Excellent
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ningbo and Mango is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Kangqiang Electronics and Mango Excellent Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mango Excellent Media and Ningbo Kangqiang 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 Ningbo Kangqiang Electronics are associated (or correlated) with Mango Excellent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mango Excellent Media has no effect on the direction of Ningbo Kangqiang i.e., Ningbo Kangqiang and Mango Excellent go up and down completely randomly.
Pair Corralation between Ningbo Kangqiang and Mango Excellent
Assuming the 90 days trading horizon Ningbo Kangqiang Electronics is expected to generate 2.48 times more return on investment than Mango Excellent. However, Ningbo Kangqiang is 2.48 times more volatile than Mango Excellent Media. It trades about 0.16 of its potential returns per unit of risk. Mango Excellent Media is currently generating about -0.42 per unit of risk. If you would invest 1,468 in Ningbo Kangqiang Electronics on October 14, 2024 and sell it today you would earn a total of 215.00 from holding Ningbo Kangqiang Electronics or generate 14.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Kangqiang Electronics vs. Mango Excellent Media
Performance |
| Timeline |
| Ningbo Kangqiang Ele |
| Mango Excellent Media |
Ningbo Kangqiang and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Kangqiang and Mango Excellent
The main advantage of trading using opposite Ningbo Kangqiang and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Kangqiang position performs unexpectedly, Mango Excellent 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 Mango Excellent will offset losses from the drop in Mango Excellent's long position.| Ningbo Kangqiang vs. Cloud Live Technology | Ningbo Kangqiang vs. Nanjing Putian Telecommunications | Ningbo Kangqiang vs. Tianjin Realty Development | Ningbo Kangqiang vs. Shenzhen Coship Electronics |
| Mango Excellent vs. Servyou Software Group | Mango Excellent vs. Ningbo Kangqiang Electronics | Mango Excellent vs. Sihui Fuji Electronics | Mango Excellent vs. Fuzhou Rockchip Electronics |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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