Correlation Between Cngr Advanced and Kunwu Jiuding
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By analyzing existing cross correlation between Cngr Advanced Material and Kunwu Jiuding Investment, you can compare the effects of market volatilities on Cngr Advanced and Kunwu Jiuding 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 Cngr Advanced with a short position of Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cngr Advanced and Kunwu Jiuding.
Diversification Opportunities for Cngr Advanced and Kunwu Jiuding
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Cngr and Kunwu is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Cngr Advanced Material and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment and Cngr Advanced 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 Cngr Advanced Material are associated (or correlated) with Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of Cngr Advanced i.e., Cngr Advanced and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between Cngr Advanced and Kunwu Jiuding
Assuming the 90 days trading horizon Cngr Advanced Material is expected to generate 1.05 times more return on investment than Kunwu Jiuding. However, Cngr Advanced is 1.05 times more volatile than Kunwu Jiuding Investment. It trades about 0.03 of its potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about 0.03 per unit of risk. If you would invest 3,690 in Cngr Advanced Material on September 3, 2024 and sell it today you would earn a total of 308.00 from holding Cngr Advanced Material or generate 8.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cngr Advanced Material vs. Kunwu Jiuding Investment
Performance |
| Timeline |
| Cngr Advanced Material |
| Kunwu Jiuding Investment |
Cngr Advanced and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cngr Advanced and Kunwu Jiuding
The main advantage of trading using opposite Cngr Advanced and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cngr Advanced position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| Cngr Advanced vs. Zijin Mining Group | Cngr Advanced vs. Baoshan Iron Steel | Cngr Advanced vs. Rongsheng Petrochemical Co | Cngr Advanced vs. Hoshine Silicon Ind |
| Kunwu Jiuding vs. Zhejiang Kingland Pipeline | Kunwu Jiuding vs. Semiconductor Manufacturing Electronics | Kunwu Jiuding vs. StarPower Semiconductor | Kunwu Jiuding vs. Union Semiconductor 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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