Correlation Between Iat Automobile and Shenzhen Noposion
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By analyzing existing cross correlation between Iat Automobile Technology and Shenzhen Noposion Agrochemicals, you can compare the effects of market volatilities on Iat Automobile and Shenzhen Noposion 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 Iat Automobile with a short position of Shenzhen Noposion. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and Shenzhen Noposion.
Diversification Opportunities for Iat Automobile and Shenzhen Noposion
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Iat and Shenzhen is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and Shenzhen Noposion Agrochemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Noposion and Iat Automobile 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 Iat Automobile Technology are associated (or correlated) with Shenzhen Noposion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Noposion has no effect on the direction of Iat Automobile i.e., Iat Automobile and Shenzhen Noposion go up and down completely randomly.
Pair Corralation between Iat Automobile and Shenzhen Noposion
Assuming the 90 days trading horizon Iat Automobile Technology is expected to under-perform the Shenzhen Noposion. In addition to that, Iat Automobile is 1.01 times more volatile than Shenzhen Noposion Agrochemicals. It trades about -0.16 of its total potential returns per unit of risk. Shenzhen Noposion Agrochemicals is currently generating about -0.11 per unit of volatility. If you would invest 1,130 in Shenzhen Noposion Agrochemicals on October 16, 2024 and sell it today you would lose (92.00) from holding Shenzhen Noposion Agrochemicals or give up 8.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. Shenzhen Noposion Agrochemical
Performance |
| Timeline |
| Iat Automobile Technology |
| Shenzhen Noposion |
Iat Automobile and Shenzhen Noposion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and Shenzhen Noposion
The main advantage of trading using opposite Iat Automobile and Shenzhen Noposion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile position performs unexpectedly, Shenzhen Noposion 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 Shenzhen Noposion will offset losses from the drop in Shenzhen Noposion's long position.| Iat Automobile vs. Digiwin Software Co | Iat Automobile vs. Guangdong Xiongsu Technology | Iat Automobile vs. Ningbo Kangqiang Electronics | Iat Automobile vs. Hubei Forbon Technology |
| Shenzhen Noposion vs. Caihong Display Devices | Shenzhen Noposion vs. Fiberhome Telecommunication Technologies | Shenzhen Noposion vs. Success Electronics | Shenzhen Noposion vs. Aurora Optoelectronics Co |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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