Correlation Between Shenzhen Noposion and Lander Sports
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By analyzing existing cross correlation between Shenzhen Noposion Agrochemicals and Lander Sports Development, you can compare the effects of market volatilities on Shenzhen Noposion and Lander Sports 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 Noposion with a short position of Lander Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Noposion and Lander Sports.
Diversification Opportunities for Shenzhen Noposion and Lander Sports
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Lander is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Noposion Agrochemical and Lander Sports Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lander Sports Development and Shenzhen Noposion 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 Noposion Agrochemicals are associated (or correlated) with Lander Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lander Sports Development has no effect on the direction of Shenzhen Noposion i.e., Shenzhen Noposion and Lander Sports go up and down completely randomly.
Pair Corralation between Shenzhen Noposion and Lander Sports
Assuming the 90 days trading horizon Shenzhen Noposion Agrochemicals is expected to generate 0.78 times more return on investment than Lander Sports. However, Shenzhen Noposion Agrochemicals is 1.28 times less risky than Lander Sports. It trades about -0.02 of its potential returns per unit of risk. Lander Sports Development is currently generating about -0.13 per unit of risk. If you would invest 961.00 in Shenzhen Noposion Agrochemicals on August 28, 2024 and sell it today you would lose (15.00) from holding Shenzhen Noposion Agrochemicals or give up 1.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Noposion Agrochemical vs. Lander Sports Development
Performance |
| Timeline |
| Shenzhen Noposion |
| Lander Sports Development |
Shenzhen Noposion and Lander Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Noposion and Lander Sports
The main advantage of trading using opposite Shenzhen Noposion and Lander Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Noposion position performs unexpectedly, Lander Sports 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 Lander Sports will offset losses from the drop in Lander Sports' long position.| Shenzhen Noposion vs. Zijin Mining Group | Shenzhen Noposion vs. Wanhua Chemical Group | Shenzhen Noposion vs. Baoshan Iron Steel | Shenzhen Noposion vs. Shandong Gold Mining |
| Lander Sports vs. Industrial and Commercial | Lander Sports vs. China Construction Bank | Lander Sports vs. Bank of China | Lander Sports vs. Agricultural Bank of |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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