Correlation Between NAURA Technology and A Zenith
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By analyzing existing cross correlation between NAURA Technology Group and A Zenith Home Furnishings, you can compare the effects of market volatilities on NAURA Technology and A Zenith 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 A Zenith. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and A Zenith.
Diversification Opportunities for NAURA Technology and A Zenith
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between NAURA and 603389 is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and A Zenith Home Furnishings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on A Zenith Home 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 A Zenith. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of A Zenith Home has no effect on the direction of NAURA Technology i.e., NAURA Technology and A Zenith go up and down completely randomly.
Pair Corralation between NAURA Technology and A Zenith
Assuming the 90 days trading horizon NAURA Technology Group is expected to generate 0.57 times more return on investment than A Zenith. However, NAURA Technology Group is 1.75 times less risky than A Zenith. It trades about -0.14 of its potential returns per unit of risk. A Zenith Home Furnishings is currently generating about -0.41 per unit of risk. If you would invest 40,850 in NAURA Technology Group on October 25, 2024 and sell it today you would lose (2,359) from holding NAURA Technology Group or give up 5.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. A Zenith Home Furnishings
Performance |
| Timeline |
| NAURA Technology |
| A Zenith Home |
NAURA Technology and A Zenith Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and A Zenith
The main advantage of trading using opposite NAURA Technology and A Zenith positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, A Zenith 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 A Zenith will offset losses from the drop in A Zenith's long position.| NAURA Technology vs. Wasu Media Holding | NAURA Technology vs. Beijing Enlight Media | NAURA Technology vs. Shuhua Sports Co | NAURA Technology vs. Fuzhou Rockchip Electronics |
| A Zenith vs. PetroChina Co Ltd | A Zenith vs. Gansu Jiu Steel | A Zenith vs. Ming Yang Smart | A Zenith vs. Aba Chemicals Corp |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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