Correlation Between NAURA Technology and Jangho Group
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By analyzing existing cross correlation between NAURA Technology Group and Jangho Group Co, you can compare the effects of market volatilities on NAURA Technology and Jangho Group 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 Jangho Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Jangho Group.
Diversification Opportunities for NAURA Technology and Jangho Group
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between NAURA and Jangho is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Jangho Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jangho Group 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 Jangho Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jangho Group has no effect on the direction of NAURA Technology i.e., NAURA Technology and Jangho Group go up and down completely randomly.
Pair Corralation between NAURA Technology and Jangho Group
Assuming the 90 days trading horizon NAURA Technology Group is expected to generate 1.82 times more return on investment than Jangho Group. However, NAURA Technology is 1.82 times more volatile than Jangho Group Co. It trades about 0.09 of its potential returns per unit of risk. Jangho Group Co is currently generating about -0.05 per unit of risk. If you would invest 39,237 in NAURA Technology Group on September 1, 2024 and sell it today you would earn a total of 2,331 from holding NAURA Technology Group or generate 5.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Jangho Group Co
Performance |
| Timeline |
| NAURA Technology |
| Jangho Group |
NAURA Technology and Jangho Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Jangho Group
The main advantage of trading using opposite NAURA Technology and Jangho Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Jangho Group 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 Jangho Group will offset losses from the drop in Jangho Group'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 |
| Jangho Group vs. Zhejiang Kingland Pipeline | Jangho Group vs. Dongfeng Automobile Co | Jangho Group vs. Keeson Technology Corp | Jangho Group vs. 360 Security Technology |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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