Correlation Between NAURA Technology and Beijing Roborock
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By analyzing existing cross correlation between NAURA Technology Group and Beijing Roborock Technology, you can compare the effects of market volatilities on NAURA Technology and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Beijing Roborock.
Diversification Opportunities for NAURA Technology and Beijing Roborock
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NAURA and Beijing is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of NAURA Technology i.e., NAURA Technology and Beijing Roborock go up and down completely randomly.
Pair Corralation between NAURA Technology and Beijing Roborock
Assuming the 90 days trading horizon NAURA Technology Group is expected to generate 0.75 times more return on investment than Beijing Roborock. However, NAURA Technology Group is 1.32 times less risky than Beijing Roborock. It trades about 0.05 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.02 per unit of risk. If you would invest 24,315 in NAURA Technology Group on October 20, 2024 and sell it today you would earn a total of 14,543 from holding NAURA Technology Group or generate 59.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Beijing Roborock Technology
Performance |
| Timeline |
| NAURA Technology |
| Beijing Roborock Tec |
NAURA Technology and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Beijing Roborock
The main advantage of trading using opposite NAURA Technology and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| NAURA Technology vs. APT Medical | NAURA Technology vs. Cowealth Medical China | NAURA Technology vs. Innovative Medical Management | NAURA Technology vs. Rising Nonferrous Metals |
| Beijing Roborock vs. SSAW Hotels Resorts | Beijing Roborock vs. Suzhou Douson Drilling | Beijing Roborock vs. Caihong Display Devices | Beijing Roborock vs. Fibocom Wireless |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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