Correlation Between NAURA Technology and Jiangxi Selon
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By analyzing existing cross correlation between NAURA Technology Group and Jiangxi Selon Industrial, you can compare the effects of market volatilities on NAURA Technology and Jiangxi Selon 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 Jiangxi Selon. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Jiangxi Selon.
Diversification Opportunities for NAURA Technology and Jiangxi Selon
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between NAURA and Jiangxi is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Jiangxi Selon Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Selon Industrial 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 Jiangxi Selon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Selon Industrial has no effect on the direction of NAURA Technology i.e., NAURA Technology and Jiangxi Selon go up and down completely randomly.
Pair Corralation between NAURA Technology and Jiangxi Selon
Assuming the 90 days trading horizon NAURA Technology is expected to generate 1.06 times less return on investment than Jiangxi Selon. In addition to that, NAURA Technology is 1.38 times more volatile than Jiangxi Selon Industrial. It trades about 0.08 of its total potential returns per unit of risk. Jiangxi Selon Industrial is currently generating about 0.12 per unit of volatility. If you would invest 535.00 in Jiangxi Selon Industrial on September 5, 2024 and sell it today you would earn a total of 175.00 from holding Jiangxi Selon Industrial or generate 32.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Jiangxi Selon Industrial
Performance |
| Timeline |
| NAURA Technology |
| Jiangxi Selon Industrial |
NAURA Technology and Jiangxi Selon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Jiangxi Selon
The main advantage of trading using opposite NAURA Technology and Jiangxi Selon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Jiangxi Selon 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 Jiangxi Selon will offset losses from the drop in Jiangxi Selon's long position.| NAURA Technology vs. Tongling Nonferrous Metals | NAURA Technology vs. Jiangxi Hengda Hi Tech | NAURA Technology vs. Sunwave Communications Co | NAURA Technology vs. Jonjee Hi tech Industrial |
| Jiangxi Selon vs. Zijin Mining Group | Jiangxi Selon vs. Wanhua Chemical Group | Jiangxi Selon vs. Baoshan Iron Steel | Jiangxi Selon vs. Rongsheng Petrochemical 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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