Correlation Between Shenyang Blue and NAURA Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenyang Blue Silver and NAURA Technology Group, you can compare the effects of market volatilities on Shenyang Blue 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 Shenyang Blue with a short position of NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Blue and NAURA Technology.
Diversification Opportunities for Shenyang Blue and NAURA Technology
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenyang and NAURA is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Blue Silver and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA Technology and Shenyang Blue 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 Shenyang Blue Silver 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 Shenyang Blue i.e., Shenyang Blue and NAURA Technology go up and down completely randomly.
Pair Corralation between Shenyang Blue and NAURA Technology
Assuming the 90 days trading horizon Shenyang Blue Silver is expected to generate 1.86 times more return on investment than NAURA Technology. However, Shenyang Blue is 1.86 times more volatile than NAURA Technology Group. It trades about 0.06 of its potential returns per unit of risk. NAURA Technology Group is currently generating about 0.05 per unit of risk. If you would invest 935.00 in Shenyang Blue Silver on October 16, 2024 and sell it today you would earn a total of 1,261 from holding Shenyang Blue Silver or generate 134.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Blue Silver vs. NAURA Technology Group
Performance |
| Timeline |
| Shenyang Blue Silver |
| NAURA Technology |
Shenyang Blue and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Blue and NAURA Technology
The main advantage of trading using opposite Shenyang Blue and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Blue 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.| Shenyang Blue vs. Jiangxi Hengda Hi Tech | Shenyang Blue vs. Runjian Communication Co | Shenyang Blue vs. Guangzhou Haige Communications | Shenyang Blue vs. Shantui Construction Machinery |
| NAURA Technology vs. Shenyang Blue Silver | NAURA Technology vs. Vanfund Urban Investment | NAURA Technology vs. Shengda Mining Co | NAURA Technology vs. Luyin Investment 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |