Correlation Between Ningbo Jianan and Cambricon Technologies
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By analyzing existing cross correlation between Ningbo Jianan Electronics and Cambricon Technologies Corp, you can compare the effects of market volatilities on Ningbo Jianan and Cambricon Technologies 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 Cambricon Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Jianan and Cambricon Technologies.
Diversification Opportunities for Ningbo Jianan and Cambricon Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ningbo and Cambricon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Jianan Electronics and Cambricon Technologies Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cambricon Technologies 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 Cambricon Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cambricon Technologies has no effect on the direction of Ningbo Jianan i.e., Ningbo Jianan and Cambricon Technologies go up and down completely randomly.
Pair Corralation between Ningbo Jianan and Cambricon Technologies
If you would invest 22,021 in Cambricon Technologies Corp on September 2, 2024 and sell it today you would earn a total of 34,079 from holding Cambricon Technologies Corp or generate 154.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.28% |
| Values | Daily Returns |
Ningbo Jianan Electronics vs. Cambricon Technologies Corp
Performance |
| Timeline |
| Ningbo Jianan Electronics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| Cambricon Technologies |
Ningbo Jianan and Cambricon Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Jianan and Cambricon Technologies
The main advantage of trading using opposite Ningbo Jianan and Cambricon Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Jianan position performs unexpectedly, Cambricon Technologies 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 Cambricon Technologies will offset losses from the drop in Cambricon Technologies' long position.| Ningbo Jianan vs. Dalian Zeus Entertainment | Ningbo Jianan vs. JiShi Media Co | Ningbo Jianan vs. China Satellite Communications | Ningbo Jianan vs. TVZone Media Co |
| Cambricon Technologies vs. Xinjiang Beixin RoadBridge | Cambricon Technologies vs. Oriental Times Media | Cambricon Technologies vs. Sportsoul Co Ltd | Cambricon Technologies vs. Shaanxi Broadcast TV |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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