Correlation Between NAURA Technology and Kunwu Jiuding
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By analyzing existing cross correlation between NAURA Technology Group and Kunwu Jiuding Investment, you can compare the effects of market volatilities on NAURA Technology and Kunwu Jiuding 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 Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Kunwu Jiuding.
Diversification Opportunities for NAURA Technology and Kunwu Jiuding
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between NAURA and Kunwu is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment 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 Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of NAURA Technology i.e., NAURA Technology and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between NAURA Technology and Kunwu Jiuding
Assuming the 90 days trading horizon NAURA Technology Group is expected to generate 0.64 times more return on investment than Kunwu Jiuding. However, NAURA Technology Group is 1.56 times less risky than Kunwu Jiuding. It trades about 0.1 of its potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about 0.03 per unit of risk. If you would invest 22,854 in NAURA Technology Group on September 14, 2024 and sell it today you would earn a total of 16,942 from holding NAURA Technology Group or generate 74.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Kunwu Jiuding Investment
Performance |
| Timeline |
| NAURA Technology |
| Kunwu Jiuding Investment |
NAURA Technology and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Kunwu Jiuding
The main advantage of trading using opposite NAURA Technology and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| NAURA Technology vs. Jiangsu Phoenix Publishing | NAURA Technology vs. Shenzhen Clou Electronics | NAURA Technology vs. Epoxy Base Electronic | NAURA Technology vs. Dongguan Tarry Electronics |
| Kunwu Jiuding vs. Lier Chemical Co | Kunwu Jiuding vs. Shenyang Chemical Industry | Kunwu Jiuding vs. Guangzhou Jinyi Media | Kunwu Jiuding vs. Beijing Jiaman Dress |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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