Correlation Between NAURA Technology and Fujian Oriental
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By analyzing existing cross correlation between NAURA Technology Group and Fujian Oriental Silver, you can compare the effects of market volatilities on NAURA Technology and Fujian Oriental 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 Oriental. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Fujian Oriental.
Diversification Opportunities for NAURA Technology and Fujian Oriental
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between NAURA and Fujian is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Fujian Oriental Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Oriental Silver 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 Oriental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Oriental Silver has no effect on the direction of NAURA Technology i.e., NAURA Technology and Fujian Oriental go up and down completely randomly.
Pair Corralation between NAURA Technology and Fujian Oriental
Assuming the 90 days trading horizon NAURA Technology Group is expected to generate 0.69 times more return on investment than Fujian Oriental. However, NAURA Technology Group is 1.45 times less risky than Fujian Oriental. It trades about 0.05 of its potential returns per unit of risk. Fujian Oriental Silver is currently generating about -0.04 per unit of risk. If you would invest 24,398 in NAURA Technology Group on October 30, 2024 and sell it today you would earn a total of 13,302 from holding NAURA Technology Group or generate 54.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Fujian Oriental Silver
Performance |
| Timeline |
| NAURA Technology |
| Fujian Oriental Silver |
NAURA Technology and Fujian Oriental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Fujian Oriental
The main advantage of trading using opposite NAURA Technology and Fujian Oriental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Fujian Oriental 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 Oriental will offset losses from the drop in Fujian Oriental's long position.| NAURA Technology vs. Ping An Insurance | NAURA Technology vs. China Eastern Airlines | NAURA Technology vs. Linewell Software Co | NAURA Technology vs. Montage Technology Co |
| Fujian Oriental vs. Xinjiang Baodi Mining | Fujian Oriental vs. Changchun UP Optotech | Fujian Oriental vs. Holitech Technology Co | Fujian Oriental vs. Guocheng Mining Co |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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