Correlation Between NAURA Technology and Puyang Huicheng
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By analyzing existing cross correlation between NAURA Technology Group and Puyang Huicheng Electronic, you can compare the effects of market volatilities on NAURA Technology and Puyang Huicheng 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 Puyang Huicheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Puyang Huicheng.
Diversification Opportunities for NAURA Technology and Puyang Huicheng
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between NAURA and Puyang is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Puyang Huicheng Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Puyang Huicheng Elec 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 Puyang Huicheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Puyang Huicheng Elec has no effect on the direction of NAURA Technology i.e., NAURA Technology and Puyang Huicheng go up and down completely randomly.
Pair Corralation between NAURA Technology and Puyang Huicheng
Assuming the 90 days trading horizon NAURA Technology Group is expected to generate 0.94 times more return on investment than Puyang Huicheng. However, NAURA Technology Group is 1.06 times less risky than Puyang Huicheng. It trades about 0.16 of its potential returns per unit of risk. Puyang Huicheng Electronic is currently generating about 0.15 per unit of risk. If you would invest 30,740 in NAURA Technology Group on September 2, 2024 and sell it today you would earn a total of 10,828 from holding NAURA Technology Group or generate 35.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Puyang Huicheng Electronic
Performance |
| Timeline |
| NAURA Technology |
| Puyang Huicheng Elec |
NAURA Technology and Puyang Huicheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Puyang Huicheng
The main advantage of trading using opposite NAURA Technology and Puyang Huicheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Puyang Huicheng 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 Puyang Huicheng will offset losses from the drop in Puyang Huicheng's long position.| NAURA Technology vs. Heren Health Co | NAURA Technology vs. Healthcare Co | NAURA Technology vs. Marssenger Kitchenware Co | NAURA Technology vs. Southchip Semiconductor Technology |
| Puyang Huicheng vs. Zijin Mining Group | Puyang Huicheng vs. Wanhua Chemical Group | Puyang Huicheng vs. Baoshan Iron Steel | Puyang Huicheng vs. Shandong Gold Mining |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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