Correlation Between Ningbo Tech and Guangdong Marubi
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By analyzing existing cross correlation between Ningbo Tech Bank Co and Guangdong Marubi Biotechnology, you can compare the effects of market volatilities on Ningbo Tech and Guangdong Marubi 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 Guangdong Marubi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Tech and Guangdong Marubi.
Diversification Opportunities for Ningbo Tech and Guangdong Marubi
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ningbo and Guangdong is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Tech Bank Co and Guangdong Marubi Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Marubi Bio 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 Guangdong Marubi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Marubi Bio has no effect on the direction of Ningbo Tech i.e., Ningbo Tech and Guangdong Marubi go up and down completely randomly.
Pair Corralation between Ningbo Tech and Guangdong Marubi
Assuming the 90 days trading horizon Ningbo Tech Bank Co is expected to under-perform the Guangdong Marubi. In addition to that, Ningbo Tech is 1.02 times more volatile than Guangdong Marubi Biotechnology. It trades about -0.05 of its total potential returns per unit of risk. Guangdong Marubi Biotechnology is currently generating about 0.0 per unit of volatility. If you would invest 3,806 in Guangdong Marubi Biotechnology on October 16, 2024 and sell it today you would lose (511.00) from holding Guangdong Marubi Biotechnology or give up 13.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Tech Bank Co vs. Guangdong Marubi Biotechnology
Performance |
| Timeline |
| Ningbo Tech Bank |
| Guangdong Marubi Bio |
Ningbo Tech and Guangdong Marubi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Tech and Guangdong Marubi
The main advantage of trading using opposite Ningbo Tech and Guangdong Marubi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Tech position performs unexpectedly, Guangdong Marubi 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 Guangdong Marubi will offset losses from the drop in Guangdong Marubi's long position.| Ningbo Tech vs. TianJin 712 Communication | Ningbo Tech vs. Jilin Jlu Communication | Ningbo Tech vs. Western Metal Materials | Ningbo Tech vs. Runjian Communication Co |
| Guangdong Marubi vs. Jiangsu Financial Leasing | Guangdong Marubi vs. Ningbo Tech Bank Co | Guangdong Marubi vs. Shanghai Ziyan Foods | Guangdong Marubi vs. HeNan Splendor Science |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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