Correlation Between Nuode Investment and Thinkingdom Media
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By analyzing existing cross correlation between Nuode Investment Co and Thinkingdom Media Group, you can compare the effects of market volatilities on Nuode Investment and Thinkingdom Media 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 Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuode Investment and Thinkingdom Media.
Diversification Opportunities for Nuode Investment and Thinkingdom Media
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Nuode and Thinkingdom is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Nuode Investment Co and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media 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 Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Nuode Investment i.e., Nuode Investment and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Nuode Investment and Thinkingdom Media
Assuming the 90 days trading horizon Nuode Investment Co is expected to under-perform the Thinkingdom Media. But the stock apears to be less risky and, when comparing its historical volatility, Nuode Investment Co is 1.1 times less risky than Thinkingdom Media. The stock trades about -0.05 of its potential returns per unit of risk. The Thinkingdom Media Group is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,954 in Thinkingdom Media Group on October 14, 2024 and sell it today you would lose (36.00) from holding Thinkingdom Media Group or give up 1.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nuode Investment Co vs. Thinkingdom Media Group
Performance |
| Timeline |
| Nuode Investment |
| Thinkingdom Media |
Nuode Investment and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuode Investment and Thinkingdom Media
The main advantage of trading using opposite Nuode Investment and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuode Investment position performs unexpectedly, Thinkingdom Media 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| Nuode Investment vs. Panda Financial Holding | Nuode Investment vs. HeNan Splendor Science | Nuode Investment vs. Duzhe Publishing Media | Nuode Investment vs. Lecron Energy Saving |
| Thinkingdom Media vs. Hubei Geoway Investment | Thinkingdom Media vs. Nanjing Putian Telecommunications | Thinkingdom Media vs. China Satellite Communications | Thinkingdom Media vs. Nuode Investment Co |
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