Correlation Between NAURA Technology and Guangzhou Shangpin
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By analyzing existing cross correlation between NAURA Technology Group and Guangzhou Shangpin Home, you can compare the effects of market volatilities on NAURA Technology and Guangzhou Shangpin 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 Guangzhou Shangpin. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Guangzhou Shangpin.
Diversification Opportunities for NAURA Technology and Guangzhou Shangpin
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between NAURA and Guangzhou is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Guangzhou Shangpin Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Shangpin Home 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 Guangzhou Shangpin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Shangpin Home has no effect on the direction of NAURA Technology i.e., NAURA Technology and Guangzhou Shangpin go up and down completely randomly.
Pair Corralation between NAURA Technology and Guangzhou Shangpin
Assuming the 90 days trading horizon NAURA Technology is expected to generate 1.84 times less return on investment than Guangzhou Shangpin. In addition to that, NAURA Technology is 1.44 times more volatile than Guangzhou Shangpin Home. It trades about 0.09 of its total potential returns per unit of risk. Guangzhou Shangpin Home is currently generating about 0.25 per unit of volatility. If you would invest 1,313 in Guangzhou Shangpin Home on September 1, 2024 and sell it today you would earn a total of 170.00 from holding Guangzhou Shangpin Home or generate 12.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Guangzhou Shangpin Home
Performance |
| Timeline |
| NAURA Technology |
| Guangzhou Shangpin Home |
NAURA Technology and Guangzhou Shangpin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Guangzhou Shangpin
The main advantage of trading using opposite NAURA Technology and Guangzhou Shangpin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Guangzhou Shangpin 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 Guangzhou Shangpin will offset losses from the drop in Guangzhou Shangpin's long position.| NAURA Technology vs. Juewei Food Co | NAURA Technology vs. Jointo Energy Investment | NAURA Technology vs. Vanfund Urban Investment | NAURA Technology vs. Sichuan Teway Food |
| Guangzhou Shangpin vs. Kweichow Moutai Co | Guangzhou Shangpin vs. NAURA Technology Group | Guangzhou Shangpin vs. Zhejiang Orient Gene | Guangzhou Shangpin 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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