Correlation Between Nuode Investment and Jiangsu Xinri
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By analyzing existing cross correlation between Nuode Investment Co and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Nuode Investment and Jiangsu Xinri 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 Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuode Investment and Jiangsu Xinri.
Diversification Opportunities for Nuode Investment and Jiangsu Xinri
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nuode and Jiangsu is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Nuode Investment Co and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E 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 Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Nuode Investment i.e., Nuode Investment and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Nuode Investment and Jiangsu Xinri
Assuming the 90 days trading horizon Nuode Investment Co is expected to under-perform the Jiangsu Xinri. But the stock apears to be less risky and, when comparing its historical volatility, Nuode Investment Co is 1.07 times less risky than Jiangsu Xinri. The stock trades about -0.12 of its potential returns per unit of risk. The Jiangsu Xinri E Vehicle is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,021 in Jiangsu Xinri E Vehicle on November 2, 2024 and sell it today you would lose (4.00) from holding Jiangsu Xinri E Vehicle or give up 0.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nuode Investment Co vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Nuode Investment |
| Jiangsu Xinri E |
Nuode Investment and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuode Investment and Jiangsu Xinri
The main advantage of trading using opposite Nuode Investment and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuode Investment position performs unexpectedly, Jiangsu Xinri 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 Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Nuode Investment vs. Hengdian Entertainment Co | Nuode Investment vs. Beijing Kingsoft Office | Nuode Investment vs. Shandong Publishing Media | Nuode Investment vs. Heilongjiang Publishing Media |
| Jiangsu Xinri vs. Spring Airlines Co | Jiangsu Xinri vs. DO Home Collection | Jiangsu Xinri vs. Oppein Home Group | Jiangsu Xinri vs. Fiberhome Telecommunication Technologies |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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