Correlation Between Fujian Nanwang and NAURA Technology
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By analyzing existing cross correlation between Fujian Nanwang Environment and NAURA Technology Group, you can compare the effects of market volatilities on Fujian Nanwang 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 Fujian Nanwang with a short position of NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Nanwang and NAURA Technology.
Diversification Opportunities for Fujian Nanwang and NAURA Technology
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fujian and NAURA is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Nanwang Environment and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA Technology and Fujian Nanwang 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 Fujian Nanwang Environment 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 Fujian Nanwang i.e., Fujian Nanwang and NAURA Technology go up and down completely randomly.
Pair Corralation between Fujian Nanwang and NAURA Technology
Assuming the 90 days trading horizon Fujian Nanwang Environment is expected to under-perform the NAURA Technology. In addition to that, Fujian Nanwang is 1.08 times more volatile than NAURA Technology Group. It trades about -0.04 of its total potential returns per unit of risk. NAURA Technology Group is currently generating about 0.03 per unit of volatility. If you would invest 31,618 in NAURA Technology Group on November 6, 2024 and sell it today you would earn a total of 6,082 from holding NAURA Technology Group or generate 19.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Nanwang Environment vs. NAURA Technology Group
Performance |
| Timeline |
| Fujian Nanwang Envir |
| NAURA Technology |
Fujian Nanwang and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Nanwang and NAURA Technology
The main advantage of trading using opposite Fujian Nanwang and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Nanwang 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.| Fujian Nanwang vs. Guangzhou Jointas Chemical | Fujian Nanwang vs. Shanghai Xinhua Media | Fujian Nanwang vs. Mango Excellent Media | Fujian Nanwang vs. Chengdu B ray Media |
| NAURA Technology vs. Ningbo Homelink Eco iTech | NAURA Technology vs. Easyhome New Retail | NAURA Technology vs. Fibocom Wireless | NAURA Technology vs. Thinkingdom Media Group |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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