Correlation Between Autek China and Ningxia Building
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By analyzing existing cross correlation between Autek China and Ningxia Building Materials, you can compare the effects of market volatilities on Autek China and Ningxia Building 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 Autek China with a short position of Ningxia Building. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autek China and Ningxia Building.
Diversification Opportunities for Autek China and Ningxia Building
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Autek and Ningxia is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Autek China and Ningxia Building Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningxia Building Mat and Autek China 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 Autek China are associated (or correlated) with Ningxia Building. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningxia Building Mat has no effect on the direction of Autek China i.e., Autek China and Ningxia Building go up and down completely randomly.
Pair Corralation between Autek China and Ningxia Building
Assuming the 90 days trading horizon Autek China is expected to generate 1.09 times more return on investment than Ningxia Building. However, Autek China is 1.09 times more volatile than Ningxia Building Materials. It trades about -0.15 of its potential returns per unit of risk. Ningxia Building Materials is currently generating about -0.18 per unit of risk. If you would invest 1,933 in Autek China on October 9, 2024 and sell it today you would lose (221.00) from holding Autek China or give up 11.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Autek China vs. Ningxia Building Materials
Performance |
| Timeline |
| Autek China |
| Ningxia Building Mat |
Autek China and Ningxia Building Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autek China and Ningxia Building
The main advantage of trading using opposite Autek China and Ningxia Building positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autek China position performs unexpectedly, Ningxia Building 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 Ningxia Building will offset losses from the drop in Ningxia Building's long position.| Autek China vs. Threes Company Media | Autek China vs. Dhc Software Co | Autek China vs. Shandong Publishing Media | Autek China vs. Hengdian Entertainment Co |
| Ningxia Building vs. Changjiang Publishing Media | Ningxia Building vs. Heilongjiang Publishing Media | Ningxia Building vs. Chengdu B ray Media | Ningxia Building vs. Shenzhen Topway Video |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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