Correlation Between Guangdong TianYiMa and NAURA Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangdong TianYiMa Information and NAURA Technology Group, you can compare the effects of market volatilities on Guangdong TianYiMa and NAURA Technology 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 Guangdong TianYiMa with a short position of NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong TianYiMa and NAURA Technology.
Diversification Opportunities for Guangdong TianYiMa and NAURA Technology
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guangdong and NAURA is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong TianYiMa Information and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA Technology and Guangdong TianYiMa 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 Guangdong TianYiMa Information are associated (or correlated) with NAURA Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAURA Technology has no effect on the direction of Guangdong TianYiMa i.e., Guangdong TianYiMa and NAURA Technology go up and down completely randomly.
Pair Corralation between Guangdong TianYiMa and NAURA Technology
Assuming the 90 days trading horizon Guangdong TianYiMa Information is expected to generate 1.76 times more return on investment than NAURA Technology. However, Guangdong TianYiMa is 1.76 times more volatile than NAURA Technology Group. It trades about -0.02 of its potential returns per unit of risk. NAURA Technology Group is currently generating about -0.1 per unit of risk. If you would invest 2,795 in Guangdong TianYiMa Information on November 1, 2024 and sell it today you would lose (60.00) from holding Guangdong TianYiMa Information or give up 2.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong TianYiMa Information vs. NAURA Technology Group
Performance |
| Timeline |
| Guangdong TianYiMa |
| NAURA Technology |
Guangdong TianYiMa and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong TianYiMa and NAURA Technology
The main advantage of trading using opposite Guangdong TianYiMa and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong TianYiMa position performs unexpectedly, NAURA Technology 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 NAURA Technology will offset losses from the drop in NAURA Technology's long position.| Guangdong TianYiMa vs. China State Construction | Guangdong TianYiMa vs. Poly Real Estate | Guangdong TianYiMa vs. China Vanke Co | Guangdong TianYiMa vs. China Merchants Shekou |
| NAURA Technology vs. Guangdong TianYiMa Information | NAURA Technology vs. Zhongfu Information | NAURA Technology vs. Songz Automobile Air | NAURA Technology vs. Invengo Information Technology |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| CEOs Directory Screen CEOs from public companies around the world |