Correlation Between Loctek Ergonomic and NAURA Technology
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By analyzing existing cross correlation between Loctek Ergonomic Technology and NAURA Technology Group, you can compare the effects of market volatilities on Loctek Ergonomic and NAURA 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 Loctek Ergonomic with a short position of NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and NAURA Technology.
Diversification Opportunities for Loctek Ergonomic and NAURA Technology
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Loctek and NAURA is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA Technology 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 NAURA Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAURA Technology has no effect on the direction of Loctek Ergonomic i.e., Loctek Ergonomic and NAURA Technology go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and NAURA Technology
Assuming the 90 days trading horizon Loctek Ergonomic Technology is expected to generate 1.45 times more return on investment than NAURA Technology. However, Loctek Ergonomic is 1.45 times more volatile than NAURA Technology Group. It trades about 0.0 of its potential returns per unit of risk. NAURA Technology Group is currently generating about -0.25 per unit of risk. If you would invest 1,608 in Loctek Ergonomic Technology on September 19, 2024 and sell it today you would lose (12.00) from holding Loctek Ergonomic Technology or give up 0.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. NAURA Technology Group
Performance |
| Timeline |
| Loctek Ergonomic Tec |
| NAURA Technology |
Loctek Ergonomic and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and NAURA Technology
The main advantage of trading using opposite Loctek Ergonomic and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic position performs unexpectedly, NAURA 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 NAURA Technology will offset losses from the drop in NAURA Technology's long position.| Loctek Ergonomic vs. Luyin Investment Group | Loctek Ergonomic vs. Jointo Energy Investment | Loctek Ergonomic vs. Xiandai Investment Co | Loctek Ergonomic vs. Guangdong Shenglu Telecommunication |
| NAURA Technology vs. Kangping Technology Co | NAURA Technology vs. Guangzhou KingTeller Technology | NAURA Technology vs. Linewell Software Co | NAURA Technology vs. Fujian Longzhou Transportation |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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