Correlation Between Ningbo MedicalSystem and CNPC Capital
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By analyzing existing cross correlation between Ningbo MedicalSystem Biotechnology and CNPC Capital Co, you can compare the effects of market volatilities on Ningbo MedicalSystem and CNPC Capital 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 MedicalSystem with a short position of CNPC Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo MedicalSystem and CNPC Capital.
Diversification Opportunities for Ningbo MedicalSystem and CNPC Capital
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ningbo and CNPC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo MedicalSystem Biotechno and CNPC Capital Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNPC Capital and Ningbo MedicalSystem 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 MedicalSystem Biotechnology are associated (or correlated) with CNPC Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNPC Capital has no effect on the direction of Ningbo MedicalSystem i.e., Ningbo MedicalSystem and CNPC Capital go up and down completely randomly.
Pair Corralation between Ningbo MedicalSystem and CNPC Capital
If you would invest (100.00) in CNPC Capital Co on October 15, 2024 and sell it today you would earn a total of 100.00 from holding CNPC Capital Co or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ningbo MedicalSystem Biotechno vs. CNPC Capital Co
Performance |
| Timeline |
| Ningbo MedicalSystem |
| CNPC Capital |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ningbo MedicalSystem and CNPC Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo MedicalSystem and CNPC Capital
The main advantage of trading using opposite Ningbo MedicalSystem and CNPC Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo MedicalSystem position performs unexpectedly, CNPC Capital 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 CNPC Capital will offset losses from the drop in CNPC Capital's long position.| Ningbo MedicalSystem vs. Zoy Home Furnishing | Ningbo MedicalSystem vs. Postal Savings Bank | Ningbo MedicalSystem vs. Shanghai Material Trading | Ningbo MedicalSystem vs. Arrow Home Group |
| CNPC Capital vs. Xinjiang Baodi Mining | CNPC Capital vs. Chengtun Mining Group | CNPC Capital vs. Zoje Resources Investment | CNPC Capital vs. Jointo Energy 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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