Correlation Between Nanxing Furniture and Thinkingdom Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nanxing Furniture Machinery and Thinkingdom Media Group, you can compare the effects of market volatilities on Nanxing Furniture and Thinkingdom Media 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 Nanxing Furniture with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanxing Furniture and Thinkingdom Media.
Diversification Opportunities for Nanxing Furniture and Thinkingdom Media
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Nanxing and Thinkingdom is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Nanxing Furniture Machinery and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and Nanxing Furniture 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 Nanxing Furniture Machinery are associated (or correlated) with Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Nanxing Furniture i.e., Nanxing Furniture and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Nanxing Furniture and Thinkingdom Media
Assuming the 90 days trading horizon Nanxing Furniture Machinery is expected to generate 1.87 times more return on investment than Thinkingdom Media. However, Nanxing Furniture is 1.87 times more volatile than Thinkingdom Media Group. It trades about 0.3 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about -0.11 per unit of risk. If you would invest 1,385 in Nanxing Furniture Machinery on November 6, 2024 and sell it today you would earn a total of 364.00 from holding Nanxing Furniture Machinery or generate 26.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanxing Furniture Machinery vs. Thinkingdom Media Group
Performance |
| Timeline |
| Nanxing Furniture |
| Thinkingdom Media |
Nanxing Furniture and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanxing Furniture and Thinkingdom Media
The main advantage of trading using opposite Nanxing Furniture and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanxing Furniture position performs unexpectedly, Thinkingdom Media 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| Nanxing Furniture vs. Agricultural Bank of | Nanxing Furniture vs. Industrial and Commercial | Nanxing Furniture vs. Bank of China | Nanxing Furniture vs. PetroChina Co Ltd |
| Thinkingdom Media vs. Queclink Wireless Solutions | Thinkingdom Media vs. Sinomach Automobile Co | Thinkingdom Media vs. Guangxi Wuzhou Communications | Thinkingdom Media vs. Beijing Mainstreets Investment |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |