Correlation Between Ningbo David and Holitech Technology
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By analyzing existing cross correlation between Ningbo David Medical and Holitech Technology Co, you can compare the effects of market volatilities on Ningbo David and Holitech 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 Ningbo David with a short position of Holitech Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo David and Holitech Technology.
Diversification Opportunities for Ningbo David and Holitech Technology
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ningbo and Holitech is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo David Medical and Holitech Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Holitech Technology and Ningbo David 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 David Medical are associated (or correlated) with Holitech Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Holitech Technology has no effect on the direction of Ningbo David i.e., Ningbo David and Holitech Technology go up and down completely randomly.
Pair Corralation between Ningbo David and Holitech Technology
Assuming the 90 days trading horizon Ningbo David Medical is expected to generate 0.89 times more return on investment than Holitech Technology. However, Ningbo David Medical is 1.13 times less risky than Holitech Technology. It trades about 0.0 of its potential returns per unit of risk. Holitech Technology Co is currently generating about 0.0 per unit of risk. If you would invest 1,385 in Ningbo David Medical on October 25, 2024 and sell it today you would lose (309.00) from holding Ningbo David Medical or give up 22.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Ningbo David Medical vs. Holitech Technology Co
Performance |
| Timeline |
| Ningbo David Medical |
| Holitech Technology |
Ningbo David and Holitech Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo David and Holitech Technology
The main advantage of trading using opposite Ningbo David and Holitech Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo David position performs unexpectedly, Holitech 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 Holitech Technology will offset losses from the drop in Holitech Technology's long position.| Ningbo David vs. Andon Health Co | Ningbo David vs. Fujian Wanchen Biotechnology | Ningbo David vs. Shandong Sinoglory Health | Ningbo David vs. Lotus Health Group |
| Holitech Technology vs. Shandong Iron and | Holitech Technology vs. Baoshan Iron Steel | Holitech Technology vs. Sinocat Environmental Technology | Holitech Technology vs. Beijing Mainstreets 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 CEOs Directory module to screen CEOs from public companies around the world.
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