Correlation Between Ningbo GQY and Do Fluoride
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By analyzing existing cross correlation between Ningbo GQY Video and Do Fluoride Chemicals Co, you can compare the effects of market volatilities on Ningbo GQY and Do Fluoride 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 Ningbo GQY with a short position of Do Fluoride. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo GQY and Do Fluoride.
Diversification Opportunities for Ningbo GQY and Do Fluoride
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ningbo and 002407 is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo GQY Video and Do Fluoride Chemicals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Do Fluoride Chemicals and Ningbo GQY 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 Ningbo GQY Video are associated (or correlated) with Do Fluoride. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Do Fluoride Chemicals has no effect on the direction of Ningbo GQY i.e., Ningbo GQY and Do Fluoride go up and down completely randomly.
Pair Corralation between Ningbo GQY and Do Fluoride
Assuming the 90 days trading horizon Ningbo GQY Video is expected to generate 1.79 times more return on investment than Do Fluoride. However, Ningbo GQY is 1.79 times more volatile than Do Fluoride Chemicals Co. It trades about 0.34 of its potential returns per unit of risk. Do Fluoride Chemicals Co is currently generating about -0.06 per unit of risk. If you would invest 584.00 in Ningbo GQY Video on September 14, 2024 and sell it today you would earn a total of 249.00 from holding Ningbo GQY Video or generate 42.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo GQY Video vs. Do Fluoride Chemicals Co
Performance |
| Timeline |
| Ningbo GQY Video |
| Do Fluoride Chemicals |
Ningbo GQY and Do Fluoride Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo GQY and Do Fluoride
The main advantage of trading using opposite Ningbo GQY and Do Fluoride positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo GQY position performs unexpectedly, Do Fluoride 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 Do Fluoride will offset losses from the drop in Do Fluoride's long position.| Ningbo GQY vs. Do Fluoride Chemicals Co | Ningbo GQY vs. Guangzhou KingTeller Technology | Ningbo GQY vs. Jinyu Bio Technology Co | Ningbo GQY vs. Linewell Software Co |
| Do Fluoride vs. Luyin Investment Group | Do Fluoride vs. Harbin Hatou Investment | Do Fluoride vs. Metro Investment Development | Do Fluoride vs. Henan Shuanghui 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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