Correlation Between Shenzhen MYS and Nanjing Canatal
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By analyzing existing cross correlation between Shenzhen MYS Environmental and Nanjing Canatal Data, you can compare the effects of market volatilities on Shenzhen MYS and Nanjing Canatal 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 MYS with a short position of Nanjing Canatal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Nanjing Canatal.
Diversification Opportunities for Shenzhen MYS and Nanjing Canatal
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shenzhen and Nanjing is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and Nanjing Canatal Data in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Canatal Data and Shenzhen MYS 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 MYS Environmental are associated (or correlated) with Nanjing Canatal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Canatal Data has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and Nanjing Canatal go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Nanjing Canatal
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to under-perform the Nanjing Canatal. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen MYS Environmental is 1.64 times less risky than Nanjing Canatal. The stock trades about -0.06 of its potential returns per unit of risk. The Nanjing Canatal Data is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 797.00 in Nanjing Canatal Data on November 3, 2024 and sell it today you would earn a total of 7.00 from holding Nanjing Canatal Data or generate 0.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Nanjing Canatal Data
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Nanjing Canatal Data |
Shenzhen MYS and Nanjing Canatal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Nanjing Canatal
The main advantage of trading using opposite Shenzhen MYS and Nanjing Canatal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, Nanjing Canatal 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 Nanjing Canatal will offset losses from the drop in Nanjing Canatal's long position.| Shenzhen MYS vs. Zijin Mining Group | Shenzhen MYS vs. Wanhua Chemical Group | Shenzhen MYS vs. Baoshan Iron Steel | Shenzhen MYS vs. Shandong Gold Mining |
| Nanjing Canatal vs. Sinomach Automobile Co | Nanjing Canatal vs. Bank of Communications | Nanjing Canatal vs. Heilongjiang Transport Development | Nanjing Canatal vs. Peoples Insurance 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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