Correlation Between NAURA Technology and Suwen Electric
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By analyzing existing cross correlation between NAURA Technology Group and Suwen Electric Energy, you can compare the effects of market volatilities on NAURA Technology and Suwen Electric 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 Suwen Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Suwen Electric.
Diversification Opportunities for NAURA Technology and Suwen Electric
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between NAURA and Suwen is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Suwen Electric Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suwen Electric Energy 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 Suwen Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suwen Electric Energy has no effect on the direction of NAURA Technology i.e., NAURA Technology and Suwen Electric go up and down completely randomly.
Pair Corralation between NAURA Technology and Suwen Electric
Assuming the 90 days trading horizon NAURA Technology Group is expected to under-perform the Suwen Electric. In addition to that, NAURA Technology is 1.06 times more volatile than Suwen Electric Energy. It trades about -0.44 of its total potential returns per unit of risk. Suwen Electric Energy is currently generating about -0.08 per unit of volatility. If you would invest 1,999 in Suwen Electric Energy on September 12, 2024 and sell it today you would lose (78.00) from holding Suwen Electric Energy or give up 3.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Suwen Electric Energy
Performance |
| Timeline |
| NAURA Technology |
| Suwen Electric Energy |
NAURA Technology and Suwen Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Suwen Electric
The main advantage of trading using opposite NAURA Technology and Suwen Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Suwen Electric 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 Suwen Electric will offset losses from the drop in Suwen Electric's long position.| NAURA Technology vs. Kuang Chi Technologies | NAURA Technology vs. Fujian Newland Computer | NAURA Technology vs. Allwin Telecommunication Co | NAURA Technology vs. Humanwell Healthcare Group |
| Suwen Electric vs. Xiangyu Medical Co | Suwen Electric vs. Blue Sail Medical | Suwen Electric vs. Guangzhou Boji Medical | Suwen Electric vs. Hengkang Medical 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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