Correlation Between NAURA Technology and Marssenger Kitchenware
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By analyzing existing cross correlation between NAURA Technology Group and Marssenger Kitchenware Co, you can compare the effects of market volatilities on NAURA Technology and Marssenger Kitchenware 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 Marssenger Kitchenware. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Marssenger Kitchenware.
Diversification Opportunities for NAURA Technology and Marssenger Kitchenware
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between NAURA and Marssenger is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Marssenger Kitchenware Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marssenger Kitchenware 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 Marssenger Kitchenware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marssenger Kitchenware has no effect on the direction of NAURA Technology i.e., NAURA Technology and Marssenger Kitchenware go up and down completely randomly.
Pair Corralation between NAURA Technology and Marssenger Kitchenware
Assuming the 90 days trading horizon NAURA Technology is expected to generate 1.77 times less return on investment than Marssenger Kitchenware. But when comparing it to its historical volatility, NAURA Technology Group is 1.04 times less risky than Marssenger Kitchenware. It trades about 0.09 of its potential returns per unit of risk. Marssenger Kitchenware Co is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 1,382 in Marssenger Kitchenware Co on September 1, 2024 and sell it today you would earn a total of 161.00 from holding Marssenger Kitchenware Co or generate 11.65% 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. Marssenger Kitchenware Co
Performance |
| Timeline |
| NAURA Technology |
| Marssenger Kitchenware |
NAURA Technology and Marssenger Kitchenware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Marssenger Kitchenware
The main advantage of trading using opposite NAURA Technology and Marssenger Kitchenware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Marssenger Kitchenware 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 Marssenger Kitchenware will offset losses from the drop in Marssenger Kitchenware'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 |
| Marssenger Kitchenware vs. Kweichow Moutai Co | Marssenger Kitchenware vs. NAURA Technology Group | Marssenger Kitchenware vs. Zhejiang Orient Gene | Marssenger Kitchenware 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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