Correlation Between Beijing Enlight and NAURA Technology
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By analyzing existing cross correlation between Beijing Enlight Media and NAURA Technology Group, you can compare the effects of market volatilities on Beijing Enlight and NAURA Technology 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 Beijing Enlight with a short position of NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Enlight and NAURA Technology.
Diversification Opportunities for Beijing Enlight and NAURA Technology
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Beijing and NAURA is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Enlight Media and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA Technology and Beijing Enlight 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 Beijing Enlight Media are associated (or correlated) with NAURA Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAURA Technology has no effect on the direction of Beijing Enlight i.e., Beijing Enlight and NAURA Technology go up and down completely randomly.
Pair Corralation between Beijing Enlight and NAURA Technology
Assuming the 90 days trading horizon Beijing Enlight Media is expected to generate 1.16 times more return on investment than NAURA Technology. However, Beijing Enlight is 1.16 times more volatile than NAURA Technology Group. It trades about 0.05 of its potential returns per unit of risk. NAURA Technology Group is currently generating about -0.14 per unit of risk. If you would invest 927.00 in Beijing Enlight Media on October 25, 2024 and sell it today you would earn a total of 17.00 from holding Beijing Enlight Media or generate 1.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Enlight Media vs. NAURA Technology Group
Performance |
| Timeline |
| Beijing Enlight Media |
| NAURA Technology |
Beijing Enlight and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Enlight and NAURA Technology
The main advantage of trading using opposite Beijing Enlight and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Enlight position performs unexpectedly, NAURA Technology 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 NAURA Technology will offset losses from the drop in NAURA Technology's long position.| Beijing Enlight vs. Industrial and Commercial | Beijing Enlight vs. Agricultural Bank of | Beijing Enlight vs. China Construction Bank | Beijing Enlight vs. Bank of China |
| NAURA Technology vs. Wasu Media Holding | NAURA Technology vs. Beijing Enlight Media | NAURA Technology vs. Shuhua Sports Co | NAURA Technology vs. Fuzhou Rockchip Electronics |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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