Correlation Between NAURA Technology and Fujian Boss
Specify exactly 2 symbols:
By analyzing existing cross correlation between NAURA Technology Group and Fujian Boss Software, you can compare the effects of market volatilities on NAURA Technology and Fujian Boss 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 Fujian Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Fujian Boss.
Diversification Opportunities for NAURA Technology and Fujian Boss
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between NAURA and Fujian is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Fujian Boss Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Boss Software 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 Fujian Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Boss Software has no effect on the direction of NAURA Technology i.e., NAURA Technology and Fujian Boss go up and down completely randomly.
Pair Corralation between NAURA Technology and Fujian Boss
Assuming the 90 days trading horizon NAURA Technology is expected to generate 1.56 times less return on investment than Fujian Boss. But when comparing it to its historical volatility, NAURA Technology Group is 1.23 times less risky than Fujian Boss. It trades about 0.16 of its potential returns per unit of risk. Fujian Boss Software is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 1,135 in Fujian Boss Software on September 2, 2024 and sell it today you would earn a total of 687.00 from holding Fujian Boss Software or generate 60.53% 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. Fujian Boss Software
Performance |
| Timeline |
| NAURA Technology |
| Fujian Boss Software |
NAURA Technology and Fujian Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Fujian Boss
The main advantage of trading using opposite NAURA Technology and Fujian Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Fujian Boss 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 Fujian Boss will offset losses from the drop in Fujian Boss' 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 |
| Fujian Boss vs. China Petroleum Chemical | Fujian Boss vs. PetroChina Co Ltd | Fujian Boss vs. China State Construction | Fujian Boss vs. China Railway Group |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |