Correlation Between Nanjing Putian and Hangzhou EZVIZ
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By analyzing existing cross correlation between Nanjing Putian Telecommunications and Hangzhou EZVIZ Network, you can compare the effects of market volatilities on Nanjing Putian and Hangzhou EZVIZ 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 Hangzhou EZVIZ. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Putian and Hangzhou EZVIZ.
Diversification Opportunities for Nanjing Putian and Hangzhou EZVIZ
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nanjing and Hangzhou is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Putian Telecommunicati and Hangzhou EZVIZ Network in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou EZVIZ Network 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 Hangzhou EZVIZ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou EZVIZ Network has no effect on the direction of Nanjing Putian i.e., Nanjing Putian and Hangzhou EZVIZ go up and down completely randomly.
Pair Corralation between Nanjing Putian and Hangzhou EZVIZ
Assuming the 90 days trading horizon Nanjing Putian is expected to generate 1.21 times less return on investment than Hangzhou EZVIZ. In addition to that, Nanjing Putian is 1.14 times more volatile than Hangzhou EZVIZ Network. It trades about 0.03 of its total potential returns per unit of risk. Hangzhou EZVIZ Network is currently generating about 0.04 per unit of volatility. If you would invest 2,546 in Hangzhou EZVIZ Network on November 1, 2024 and sell it today you would earn a total of 932.00 from holding Hangzhou EZVIZ Network or generate 36.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanjing Putian Telecommunicati vs. Hangzhou EZVIZ Network
Performance |
| Timeline |
| Nanjing Putian Telec |
| Hangzhou EZVIZ Network |
Nanjing Putian and Hangzhou EZVIZ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Putian and Hangzhou EZVIZ
The main advantage of trading using opposite Nanjing Putian and Hangzhou EZVIZ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Putian position performs unexpectedly, Hangzhou EZVIZ 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 Hangzhou EZVIZ will offset losses from the drop in Hangzhou EZVIZ's long position.| Nanjing Putian vs. Vanfund Urban Investment | Nanjing Putian vs. Xiangyang Automobile Bearing | Nanjing Putian vs. Jointo Energy Investment | Nanjing Putian vs. Xiamen Insight Investment |
| Hangzhou EZVIZ vs. Cloud Live Technology | Hangzhou EZVIZ vs. Nanjing Putian Telecommunications | Hangzhou EZVIZ vs. Shenzhen Coship Electronics | Hangzhou EZVIZ vs. Shenzhen Hifuture Electric |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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