Correlation Between Nuode Investment and Jiangsu Financial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nuode Investment Co and Jiangsu Financial Leasing, you can compare the effects of market volatilities on Nuode Investment and Jiangsu Financial 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 Jiangsu Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuode Investment and Jiangsu Financial.
Diversification Opportunities for Nuode Investment and Jiangsu Financial
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nuode and Jiangsu is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Nuode Investment Co and Jiangsu Financial Leasing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Financial Leasing 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 Jiangsu Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Financial Leasing has no effect on the direction of Nuode Investment i.e., Nuode Investment and Jiangsu Financial go up and down completely randomly.
Pair Corralation between Nuode Investment and Jiangsu Financial
Assuming the 90 days trading horizon Nuode Investment Co is expected to under-perform the Jiangsu Financial. In addition to that, Nuode Investment is 1.58 times more volatile than Jiangsu Financial Leasing. It trades about -0.05 of its total potential returns per unit of risk. Jiangsu Financial Leasing is currently generating about 0.04 per unit of volatility. If you would invest 409.00 in Jiangsu Financial Leasing on October 11, 2024 and sell it today you would earn a total of 110.00 from holding Jiangsu Financial Leasing or generate 26.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nuode Investment Co vs. Jiangsu Financial Leasing
Performance |
| Timeline |
| Nuode Investment |
| Jiangsu Financial Leasing |
Nuode Investment and Jiangsu Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuode Investment and Jiangsu Financial
The main advantage of trading using opposite Nuode Investment and Jiangsu Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuode Investment position performs unexpectedly, Jiangsu Financial 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 Jiangsu Financial will offset losses from the drop in Jiangsu Financial's long position.| Nuode Investment vs. Fiberhome Telecommunication Technologies | Nuode Investment vs. Cicc Fund Management | Nuode Investment vs. Harvest Fund Management | Nuode Investment vs. JCHX Mining Management |
| Jiangsu Financial vs. Tibet Huayu Mining | Jiangsu Financial vs. China Minmetals Rare | Jiangsu Financial vs. Financial Street Holdings | Jiangsu Financial vs. Ping An Insurance |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |