Correlation Between Shenzhen Noposion and Haoxiangni Jujube
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By analyzing existing cross correlation between Shenzhen Noposion Agrochemicals and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Shenzhen Noposion and Haoxiangni Jujube 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 Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Noposion and Haoxiangni Jujube.
Diversification Opportunities for Shenzhen Noposion and Haoxiangni Jujube
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shenzhen and Haoxiangni is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Noposion Agrochemical and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube 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 Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Shenzhen Noposion i.e., Shenzhen Noposion and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Shenzhen Noposion and Haoxiangni Jujube
Assuming the 90 days trading horizon Shenzhen Noposion Agrochemicals is expected to under-perform the Haoxiangni Jujube. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen Noposion Agrochemicals is 2.63 times less risky than Haoxiangni Jujube. The stock trades about -0.04 of its potential returns per unit of risk. The Haoxiangni Jujube Co is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 797.00 in Haoxiangni Jujube Co on November 6, 2024 and sell it today you would earn a total of 135.00 from holding Haoxiangni Jujube Co or generate 16.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Noposion Agrochemical vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| Shenzhen Noposion |
| Haoxiangni Jujube |
Shenzhen Noposion and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Noposion and Haoxiangni Jujube
The main advantage of trading using opposite Shenzhen Noposion and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Noposion position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's 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 |
| Haoxiangni Jujube vs. Wuhan Hvsen Biotechnology | Haoxiangni Jujube vs. Shenzhen Zqgame | Haoxiangni Jujube vs. Bloomage Biotechnology Corp | Haoxiangni Jujube vs. Chengdu Spaceon 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 Stocks Directory module to find actively traded stocks across global markets.
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