Correlation Between Nuode Investment and XinJiang GuoTong
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By analyzing existing cross correlation between Nuode Investment Co and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Nuode Investment and XinJiang GuoTong 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 Nuode Investment with a short position of XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuode Investment and XinJiang GuoTong.
Diversification Opportunities for Nuode Investment and XinJiang GuoTong
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nuode and XinJiang is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Nuode Investment Co and XinJiang GuoTong Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XinJiang GuoTong Pipeline and Nuode Investment 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 Nuode Investment Co are associated (or correlated) with XinJiang GuoTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XinJiang GuoTong Pipeline has no effect on the direction of Nuode Investment i.e., Nuode Investment and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Nuode Investment and XinJiang GuoTong
Assuming the 90 days trading horizon Nuode Investment Co is expected to generate 0.64 times more return on investment than XinJiang GuoTong. However, Nuode Investment Co is 1.56 times less risky than XinJiang GuoTong. It trades about -0.12 of its potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about -0.08 per unit of risk. If you would invest 389.00 in Nuode Investment Co on November 3, 2024 and sell it today you would lose (18.00) from holding Nuode Investment Co or give up 4.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nuode Investment Co vs. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| Nuode Investment |
| XinJiang GuoTong Pipeline |
Nuode Investment and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuode Investment and XinJiang GuoTong
The main advantage of trading using opposite Nuode Investment and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuode Investment position performs unexpectedly, XinJiang GuoTong 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 GuoTong will offset losses from the drop in XinJiang GuoTong's long position.| Nuode Investment vs. Chison Medical Technologies | Nuode Investment vs. Double Medical Technology | Nuode Investment vs. Jiangxi Naipu Mining | Nuode Investment vs. Shenyang Blue Silver |
| XinJiang GuoTong vs. Kweichow Moutai Co | XinJiang GuoTong vs. Beijing Roborock Technology | XinJiang GuoTong vs. G bits Network Technology | XinJiang GuoTong vs. China Mobile Limited |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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