Correlation Between NAURA Technology and GRG Banking
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By analyzing existing cross correlation between NAURA Technology Group and GRG Banking Equipment, you can compare the effects of market volatilities on NAURA Technology and GRG Banking 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 GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and GRG Banking.
Diversification Opportunities for NAURA Technology and GRG Banking
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between NAURA and GRG is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment 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 GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of NAURA Technology i.e., NAURA Technology and GRG Banking go up and down completely randomly.
Pair Corralation between NAURA Technology and GRG Banking
Assuming the 90 days trading horizon NAURA Technology is expected to generate 3.14 times less return on investment than GRG Banking. In addition to that, NAURA Technology is 1.07 times more volatile than GRG Banking Equipment. It trades about 0.02 of its total potential returns per unit of risk. GRG Banking Equipment is currently generating about 0.08 per unit of volatility. If you would invest 1,090 in GRG Banking Equipment on November 4, 2024 and sell it today you would earn a total of 23.00 from holding GRG Banking Equipment or generate 2.11% 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. GRG Banking Equipment
Performance |
| Timeline |
| NAURA Technology |
| GRG Banking Equipment |
NAURA Technology and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and GRG Banking
The main advantage of trading using opposite NAURA Technology and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| NAURA Technology vs. Heilongjiang Publishing Media | NAURA Technology vs. Jiangxi Naipu Mining | NAURA Technology vs. Zhengzhou Coal Mining | NAURA Technology vs. Western Mining Co |
| GRG Banking vs. Postal Savings Bank | GRG Banking vs. Hubei Geoway Investment | GRG Banking vs. Shenzhen Centralcon Investment | GRG Banking vs. Shenwu Energy Saving |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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