Correlation Between Cloud Live and Nanjing Putian
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By analyzing existing cross correlation between Cloud Live Technology and Nanjing Putian Telecommunications, you can compare the effects of market volatilities on Cloud Live and Nanjing Putian 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 Cloud Live with a short position of Nanjing Putian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cloud Live and Nanjing Putian.
Diversification Opportunities for Cloud Live and Nanjing Putian
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cloud and Nanjing is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Cloud Live Technology and Nanjing Putian Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Putian Telec and Cloud Live 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 Cloud Live Technology are associated (or correlated) with Nanjing Putian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Putian Telec has no effect on the direction of Cloud Live i.e., Cloud Live and Nanjing Putian go up and down completely randomly.
Pair Corralation between Cloud Live and Nanjing Putian
Assuming the 90 days trading horizon Cloud Live Technology is expected to under-perform the Nanjing Putian. In addition to that, Cloud Live is 1.14 times more volatile than Nanjing Putian Telecommunications. It trades about -0.51 of its total potential returns per unit of risk. Nanjing Putian Telecommunications is currently generating about -0.18 per unit of volatility. If you would invest 428.00 in Nanjing Putian Telecommunications on October 14, 2024 and sell it today you would lose (65.00) from holding Nanjing Putian Telecommunications or give up 15.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cloud Live Technology vs. Nanjing Putian Telecommunicati
Performance |
| Timeline |
| Cloud Live Technology |
| Nanjing Putian Telec |
Cloud Live and Nanjing Putian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cloud Live and Nanjing Putian
The main advantage of trading using opposite Cloud Live and Nanjing Putian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cloud Live position performs unexpectedly, Nanjing Putian 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 Putian will offset losses from the drop in Nanjing Putian's long position.| Cloud Live vs. Holitech Technology Co | Cloud Live vs. Zotye Automobile Co | Cloud Live vs. Bus Online Co | Cloud Live vs. Cultural Investment Holdings |
| Nanjing Putian vs. GRINM Semiconductor Materials | Nanjing Putian vs. HaiXin Foods Co | Nanjing Putian vs. Shanghai Ziyan Foods | Nanjing Putian vs. GigaDevice SemiconductorBeiji |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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