Correlation Between Ningbo Jianan and Zhejiang Kingland
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ningbo Jianan Electronics and Zhejiang Kingland Pipeline, you can compare the effects of market volatilities on Ningbo Jianan and Zhejiang Kingland 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 Jianan with a short position of Zhejiang Kingland. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Jianan and Zhejiang Kingland.
Diversification Opportunities for Ningbo Jianan and Zhejiang Kingland
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ningbo and Zhejiang is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Jianan Electronics and Zhejiang Kingland Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Kingland and Ningbo Jianan 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 Jianan Electronics are associated (or correlated) with Zhejiang Kingland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Kingland has no effect on the direction of Ningbo Jianan i.e., Ningbo Jianan and Zhejiang Kingland go up and down completely randomly.
Pair Corralation between Ningbo Jianan and Zhejiang Kingland
Assuming the 90 days trading horizon Ningbo Jianan Electronics is expected to generate 1.89 times more return on investment than Zhejiang Kingland. However, Ningbo Jianan is 1.89 times more volatile than Zhejiang Kingland Pipeline. It trades about 0.0 of its potential returns per unit of risk. Zhejiang Kingland Pipeline is currently generating about -0.16 per unit of risk. If you would invest 2,264 in Ningbo Jianan Electronics on August 27, 2024 and sell it today you would lose (14.00) from holding Ningbo Jianan Electronics or give up 0.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Jianan Electronics vs. Zhejiang Kingland Pipeline
Performance |
| Timeline |
| Ningbo Jianan Electronics |
| Zhejiang Kingland |
Ningbo Jianan and Zhejiang Kingland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Jianan and Zhejiang Kingland
The main advantage of trading using opposite Ningbo Jianan and Zhejiang Kingland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Jianan position performs unexpectedly, Zhejiang Kingland 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 Zhejiang Kingland will offset losses from the drop in Zhejiang Kingland's long position.| Ningbo Jianan vs. Guangdong Xiongsu Technology | Ningbo Jianan vs. Maxvision Technology Corp | Ningbo Jianan vs. Keli Sensing Technology | Ningbo Jianan vs. Easyhome New Retail |
| Zhejiang Kingland vs. COL Digital Publishing | Zhejiang Kingland vs. Tianjin Tianyao Pharmaceuticals | Zhejiang Kingland vs. Guocheng Mining Co | Zhejiang Kingland vs. Yonghui Superstores 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |