Correlation Between NAURA Technology and Shenzhen SDG
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By analyzing existing cross correlation between NAURA Technology Group and Shenzhen SDG Information, you can compare the effects of market volatilities on NAURA Technology and Shenzhen SDG 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 NAURA Technology with a short position of Shenzhen SDG. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Shenzhen SDG.
Diversification Opportunities for NAURA Technology and Shenzhen SDG
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between NAURA and Shenzhen is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Shenzhen SDG Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen SDG Information and NAURA Technology 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 NAURA Technology Group are associated (or correlated) with Shenzhen SDG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen SDG Information has no effect on the direction of NAURA Technology i.e., NAURA Technology and Shenzhen SDG go up and down completely randomly.
Pair Corralation between NAURA Technology and Shenzhen SDG
Assuming the 90 days trading horizon NAURA Technology Group is expected to generate 0.71 times more return on investment than Shenzhen SDG. However, NAURA Technology Group is 1.41 times less risky than Shenzhen SDG. It trades about 0.05 of its potential returns per unit of risk. Shenzhen SDG Information is currently generating about 0.0 per unit of risk. If you would invest 24,315 in NAURA Technology Group on October 13, 2024 and sell it today you would earn a total of 14,050 from holding NAURA Technology Group or generate 57.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Shenzhen SDG Information
Performance |
| Timeline |
| NAURA Technology |
| Shenzhen SDG Information |
NAURA Technology and Shenzhen SDG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Shenzhen SDG
The main advantage of trading using opposite NAURA Technology and Shenzhen SDG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Shenzhen SDG 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 Shenzhen SDG will offset losses from the drop in Shenzhen SDG's long position.| NAURA Technology vs. Shanghai Yanpu Metal | NAURA Technology vs. Guangdong Jingyi Metal | NAURA Technology vs. Hubeiyichang Transportation Group | NAURA Technology vs. China Sports Industry |
| Shenzhen SDG vs. Kweichow Moutai Co | Shenzhen SDG vs. NAURA Technology Group | Shenzhen SDG vs. Zhejiang Orient Gene | Shenzhen SDG vs. APT Medical |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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