Correlation Between Nanjing Putian and Dosilicon
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By analyzing existing cross correlation between Nanjing Putian Telecommunications and Dosilicon Co, you can compare the effects of market volatilities on Nanjing Putian and Dosilicon 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 Dosilicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Putian and Dosilicon.
Diversification Opportunities for Nanjing Putian and Dosilicon
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nanjing and Dosilicon is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Putian Telecommunicati and Dosilicon Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dosilicon 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 Dosilicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dosilicon has no effect on the direction of Nanjing Putian i.e., Nanjing Putian and Dosilicon go up and down completely randomly.
Pair Corralation between Nanjing Putian and Dosilicon
Assuming the 90 days trading horizon Nanjing Putian Telecommunications is expected to generate 1.04 times more return on investment than Dosilicon. However, Nanjing Putian is 1.04 times more volatile than Dosilicon Co. It trades about 0.09 of its potential returns per unit of risk. Dosilicon Co is currently generating about 0.02 per unit of risk. If you would invest 173.00 in Nanjing Putian Telecommunications on October 18, 2024 and sell it today you would earn a total of 199.00 from holding Nanjing Putian Telecommunications or generate 115.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.58% |
| Values | Daily Returns |
Nanjing Putian Telecommunicati vs. Dosilicon Co
Performance |
| Timeline |
| Nanjing Putian Telec |
| Dosilicon |
Nanjing Putian and Dosilicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Putian and Dosilicon
The main advantage of trading using opposite Nanjing Putian and Dosilicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Putian position performs unexpectedly, Dosilicon 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 Dosilicon will offset losses from the drop in Dosilicon's long position.| Nanjing Putian vs. Western Metal Materials | Nanjing Putian vs. Orinko Advanced Plastics | Nanjing Putian vs. Sanxiang Advanced Materials | Nanjing Putian vs. Lontium Semiconductor Corp |
| Dosilicon vs. Dhc Software Co | Dosilicon vs. Sportsoul Co Ltd | Dosilicon vs. Digiwin Software Co | Dosilicon vs. Kuangda Technology Group |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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