Correlation Between Ningbo Fangzheng and Xinjiang Tianshun
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By analyzing existing cross correlation between Ningbo Fangzheng Automobile and Xinjiang Tianshun Supply, you can compare the effects of market volatilities on Ningbo Fangzheng and Xinjiang Tianshun 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 Fangzheng with a short position of Xinjiang Tianshun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Fangzheng and Xinjiang Tianshun.
Diversification Opportunities for Ningbo Fangzheng and Xinjiang Tianshun
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ningbo and Xinjiang is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Fangzheng Automobile and Xinjiang Tianshun Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Tianshun Supply and Ningbo Fangzheng 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 Fangzheng Automobile are associated (or correlated) with Xinjiang Tianshun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Tianshun Supply has no effect on the direction of Ningbo Fangzheng i.e., Ningbo Fangzheng and Xinjiang Tianshun go up and down completely randomly.
Pair Corralation between Ningbo Fangzheng and Xinjiang Tianshun
If you would invest 0.00 in Xinjiang Tianshun Supply on October 9, 2024 and sell it today you would earn a total of 0.00 from holding Xinjiang Tianshun Supply or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Ningbo Fangzheng Automobile vs. Xinjiang Tianshun Supply
Performance |
| Timeline |
| Ningbo Fangzheng Aut |
| Xinjiang Tianshun Supply |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ningbo Fangzheng and Xinjiang Tianshun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Fangzheng and Xinjiang Tianshun
The main advantage of trading using opposite Ningbo Fangzheng and Xinjiang Tianshun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Fangzheng position performs unexpectedly, Xinjiang Tianshun 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 Xinjiang Tianshun will offset losses from the drop in Xinjiang Tianshun's long position.| Ningbo Fangzheng vs. Suzhou Industrial Park | Ningbo Fangzheng vs. Tibet Huayu Mining | Ningbo Fangzheng vs. Servyou Software Group | Ningbo Fangzheng vs. Ye Chiu Metal |
| Xinjiang Tianshun vs. Guangdong Shenglu Telecommunication | Xinjiang Tianshun vs. China Satellite Communications | Xinjiang Tianshun vs. TianJin 712 Communication | Xinjiang Tianshun vs. Dr Peng Telecom |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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