Correlation Between Nanjing Putian and Thunder Software
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By analyzing existing cross correlation between Nanjing Putian Telecommunications and Thunder Software Technology, you can compare the effects of market volatilities on Nanjing Putian and Thunder Software 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 Nanjing Putian with a short position of Thunder Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Putian and Thunder Software.
Diversification Opportunities for Nanjing Putian and Thunder Software
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Nanjing and Thunder is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Putian Telecommunicati and Thunder Software Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thunder Software Tec and Nanjing Putian 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 Nanjing Putian Telecommunications are associated (or correlated) with Thunder Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thunder Software Tec has no effect on the direction of Nanjing Putian i.e., Nanjing Putian and Thunder Software go up and down completely randomly.
Pair Corralation between Nanjing Putian and Thunder Software
Assuming the 90 days trading horizon Nanjing Putian Telecommunications is expected to generate 1.18 times more return on investment than Thunder Software. However, Nanjing Putian is 1.18 times more volatile than Thunder Software Technology. It trades about -0.14 of its potential returns per unit of risk. Thunder Software Technology is currently generating about -0.3 per unit of risk. If you would invest 412.00 in Nanjing Putian Telecommunications on October 15, 2024 and sell it today you would lose (49.00) from holding Nanjing Putian Telecommunications or give up 11.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanjing Putian Telecommunicati vs. Thunder Software Technology
Performance |
| Timeline |
| Nanjing Putian Telec |
| Thunder Software Tec |
Nanjing Putian and Thunder Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Putian and Thunder Software
The main advantage of trading using opposite Nanjing Putian and Thunder Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Putian position performs unexpectedly, Thunder Software 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 Thunder Software will offset losses from the drop in Thunder Software's long position.| Nanjing Putian vs. Fiberhome Telecommunication Technologies | Nanjing Putian vs. Anhui Xinhua Media | Nanjing Putian vs. Oppein Home Group | Nanjing Putian vs. Beijing Enlight Media |
| Thunder Software vs. Holitech Technology Co | Thunder Software vs. China Minmetals Rare | Thunder Software vs. Gem Year Industrial Co | Thunder Software vs. Kingsignal Technology 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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