Correlation Between Ningbo Tech and Mango Excellent
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By analyzing existing cross correlation between Ningbo Tech Bank Co and Mango Excellent Media, you can compare the effects of market volatilities on Ningbo Tech 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 Tech with a short position of Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Tech and Mango Excellent.
Diversification Opportunities for Ningbo Tech and Mango Excellent
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ningbo and Mango is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Tech Bank Co 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 Tech 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 Tech Bank Co 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 Tech i.e., Ningbo Tech and Mango Excellent go up and down completely randomly.
Pair Corralation between Ningbo Tech and Mango Excellent
Assuming the 90 days trading horizon Ningbo Tech Bank Co is expected to generate 0.99 times more return on investment than Mango Excellent. However, Ningbo Tech Bank Co is 1.01 times less risky than Mango Excellent. It trades about 0.1 of its potential returns per unit of risk. Mango Excellent Media is currently generating about 0.05 per unit of risk. If you would invest 246.00 in Ningbo Tech Bank Co on October 14, 2024 and sell it today you would earn a total of 37.00 from holding Ningbo Tech Bank Co or generate 15.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Tech Bank Co vs. Mango Excellent Media
Performance |
| Timeline |
| Ningbo Tech Bank |
| Mango Excellent Media |
Ningbo Tech and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Tech and Mango Excellent
The main advantage of trading using opposite Ningbo Tech and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Tech 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 Tech vs. Shanghai Rightongene Biotechnology | Ningbo Tech vs. Strait Innovation Internet | Ningbo Tech vs. Tongyu Communication | Ningbo Tech vs. Changchun BCHT Biotechnology |
| 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 CEOs Directory module to screen CEOs from public companies around the world.
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