Correlation Between Loctek Ergonomic and CNPC Capital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Loctek Ergonomic Technology and CNPC Capital Co, you can compare the effects of market volatilities on Loctek Ergonomic 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 Loctek Ergonomic with a short position of CNPC Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and CNPC Capital.
Diversification Opportunities for Loctek Ergonomic and CNPC Capital
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Loctek and CNPC is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology and CNPC Capital Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNPC Capital and Loctek Ergonomic 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 Loctek Ergonomic Technology 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 Loctek Ergonomic i.e., Loctek Ergonomic and CNPC Capital go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and CNPC Capital
Assuming the 90 days trading horizon Loctek Ergonomic Technology is expected to under-perform the CNPC Capital. In addition to that, Loctek Ergonomic is 1.65 times more volatile than CNPC Capital Co. It trades about -0.28 of its total potential returns per unit of risk. CNPC Capital Co is currently generating about -0.06 per unit of volatility. If you would invest 728.00 in CNPC Capital Co on September 27, 2024 and sell it today you would lose (14.00) from holding CNPC Capital Co or give up 1.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. CNPC Capital Co
Performance |
| Timeline |
| Loctek Ergonomic Tec |
| CNPC Capital |
Loctek Ergonomic and CNPC Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and CNPC Capital
The main advantage of trading using opposite Loctek Ergonomic and CNPC Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic 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.| Loctek Ergonomic vs. Heilongjiang Publishing Media | Loctek Ergonomic vs. Quectel Wireless Solutions | Loctek Ergonomic vs. Hengdian Entertainment Co | Loctek Ergonomic vs. Dook Media Group |
| CNPC Capital vs. Ming Yang Smart | CNPC Capital vs. 159681 | CNPC Capital vs. 159005 | CNPC Capital vs. Loctek Ergonomic Technology |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |