Correlation Between Ningbo Ligong and Cofoe Medical
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By analyzing existing cross correlation between Ningbo Ligong Online and Cofoe Medical Technology, you can compare the effects of market volatilities on Ningbo Ligong and Cofoe Medical 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 Ligong with a short position of Cofoe Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Ligong and Cofoe Medical.
Diversification Opportunities for Ningbo Ligong and Cofoe Medical
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ningbo and Cofoe is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Ligong Online and Cofoe Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cofoe Medical Technology and Ningbo Ligong 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 Ligong Online are associated (or correlated) with Cofoe Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cofoe Medical Technology has no effect on the direction of Ningbo Ligong i.e., Ningbo Ligong and Cofoe Medical go up and down completely randomly.
Pair Corralation between Ningbo Ligong and Cofoe Medical
Assuming the 90 days trading horizon Ningbo Ligong Online is expected to generate 0.96 times more return on investment than Cofoe Medical. However, Ningbo Ligong Online is 1.04 times less risky than Cofoe Medical. It trades about 0.06 of its potential returns per unit of risk. Cofoe Medical Technology is currently generating about 0.02 per unit of risk. If you would invest 792.00 in Ningbo Ligong Online on September 12, 2024 and sell it today you would earn a total of 567.00 from holding Ningbo Ligong Online or generate 71.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Ligong Online vs. Cofoe Medical Technology
Performance |
| Timeline |
| Ningbo Ligong Online |
| Cofoe Medical Technology |
Ningbo Ligong and Cofoe Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Ligong and Cofoe Medical
The main advantage of trading using opposite Ningbo Ligong and Cofoe Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Ligong position performs unexpectedly, Cofoe Medical 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 Cofoe Medical will offset losses from the drop in Cofoe Medical's long position.| Ningbo Ligong vs. Agricultural Bank of | Ningbo Ligong vs. Industrial and Commercial | Ningbo Ligong vs. Bank of China | Ningbo Ligong vs. PetroChina Co Ltd |
| Cofoe Medical vs. Cultural Investment Holdings | Cofoe Medical vs. Gome Telecom Equipment | Cofoe Medical vs. Holitech Technology Co | Cofoe Medical vs. Zotye Automobile Co |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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