Correlation Between Ningbo MedicalSystem and Anshan Senyuan
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By analyzing existing cross correlation between Ningbo MedicalSystem Biotechnology and Anshan Senyuan Road, you can compare the effects of market volatilities on Ningbo MedicalSystem and Anshan Senyuan 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 Anshan Senyuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo MedicalSystem and Anshan Senyuan.
Diversification Opportunities for Ningbo MedicalSystem and Anshan Senyuan
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and Anshan is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo MedicalSystem Biotechno and Anshan Senyuan Road in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anshan Senyuan Road 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 Anshan Senyuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anshan Senyuan Road has no effect on the direction of Ningbo MedicalSystem i.e., Ningbo MedicalSystem and Anshan Senyuan go up and down completely randomly.
Pair Corralation between Ningbo MedicalSystem and Anshan Senyuan
Assuming the 90 days trading horizon Ningbo MedicalSystem Biotechnology is expected to generate 0.64 times more return on investment than Anshan Senyuan. However, Ningbo MedicalSystem Biotechnology is 1.56 times less risky than Anshan Senyuan. It trades about -0.16 of its potential returns per unit of risk. Anshan Senyuan Road is currently generating about -0.31 per unit of risk. If you would invest 1,168 in Ningbo MedicalSystem Biotechnology on October 11, 2024 and sell it today you would lose (170.00) from holding Ningbo MedicalSystem Biotechnology or give up 14.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo MedicalSystem Biotechno vs. Anshan Senyuan Road
Performance |
| Timeline |
| Ningbo MedicalSystem |
| Anshan Senyuan Road |
Ningbo MedicalSystem and Anshan Senyuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo MedicalSystem and Anshan Senyuan
The main advantage of trading using opposite Ningbo MedicalSystem and Anshan Senyuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo MedicalSystem position performs unexpectedly, Anshan Senyuan 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 Anshan Senyuan will offset losses from the drop in Anshan Senyuan's long position.| Ningbo MedicalSystem vs. City Development Environment | Ningbo MedicalSystem vs. Hunan Tyen Machinery | Ningbo MedicalSystem vs. Masterwork Machinery | Ningbo MedicalSystem vs. Jinlong Machinery Electronic |
| Anshan Senyuan vs. Beijing Mainstreets Investment | Anshan Senyuan vs. Ye Chiu Metal | Anshan Senyuan vs. Rising Nonferrous Metals | Anshan Senyuan vs. Guangdong Jingyi Metal |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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