Correlation Between Goldlok Toys and Nanjing Putian
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By analyzing existing cross correlation between Goldlok Toys Holdings and Nanjing Putian Telecommunications, you can compare the effects of market volatilities on Goldlok Toys 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 Goldlok Toys with a short position of Nanjing Putian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldlok Toys and Nanjing Putian.
Diversification Opportunities for Goldlok Toys and Nanjing Putian
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Goldlok and Nanjing is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Goldlok Toys Holdings 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 Goldlok Toys 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 Goldlok Toys Holdings 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 Goldlok Toys i.e., Goldlok Toys and Nanjing Putian go up and down completely randomly.
Pair Corralation between Goldlok Toys and Nanjing Putian
Assuming the 90 days trading horizon Goldlok Toys Holdings is expected to generate 1.55 times more return on investment than Nanjing Putian. However, Goldlok Toys is 1.55 times more volatile than Nanjing Putian Telecommunications. It trades about 0.28 of its potential returns per unit of risk. Nanjing Putian Telecommunications is currently generating about 0.21 per unit of risk. If you would invest 298.00 in Goldlok Toys Holdings on September 3, 2024 and sell it today you would earn a total of 125.00 from holding Goldlok Toys Holdings or generate 41.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goldlok Toys Holdings vs. Nanjing Putian Telecommunicati
Performance |
| Timeline |
| Goldlok Toys Holdings |
| Nanjing Putian Telec |
Goldlok Toys and Nanjing Putian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldlok Toys and Nanjing Putian
The main advantage of trading using opposite Goldlok Toys and Nanjing Putian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldlok Toys 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.| Goldlok Toys vs. Shanghai Metersbonwe FashionAccessories | Goldlok Toys vs. Guocheng Mining Co | Goldlok Toys vs. Hefei Metalforming Mach | Goldlok Toys vs. Zhejiang Yayi Metal |
| Nanjing Putian vs. Agricultural Bank of | Nanjing Putian vs. China Construction Bank | Nanjing Putian vs. Postal Savings Bank | Nanjing Putian vs. Bank of Communications |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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