Correlation Between Rising Nonferrous and Kunwu Jiuding
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By analyzing existing cross correlation between Rising Nonferrous Metals and Kunwu Jiuding Investment, you can compare the effects of market volatilities on Rising Nonferrous and Kunwu Jiuding 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 Rising Nonferrous with a short position of Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rising Nonferrous and Kunwu Jiuding.
Diversification Opportunities for Rising Nonferrous and Kunwu Jiuding
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Rising and Kunwu is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Rising Nonferrous Metals and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment and Rising Nonferrous 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 Rising Nonferrous Metals are associated (or correlated) with Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of Rising Nonferrous i.e., Rising Nonferrous and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between Rising Nonferrous and Kunwu Jiuding
Assuming the 90 days trading horizon Rising Nonferrous Metals is expected to generate 0.7 times more return on investment than Kunwu Jiuding. However, Rising Nonferrous Metals is 1.42 times less risky than Kunwu Jiuding. It trades about 0.0 of its potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about -0.12 per unit of risk. If you would invest 2,867 in Rising Nonferrous Metals on October 29, 2024 and sell it today you would lose (29.00) from holding Rising Nonferrous Metals or give up 1.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Rising Nonferrous Metals vs. Kunwu Jiuding Investment
Performance |
| Timeline |
| Rising Nonferrous Metals |
| Kunwu Jiuding Investment |
Rising Nonferrous and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rising Nonferrous and Kunwu Jiuding
The main advantage of trading using opposite Rising Nonferrous and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rising Nonferrous position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| Rising Nonferrous vs. Zijin Mining Group | Rising Nonferrous vs. Wanhua Chemical Group | Rising Nonferrous vs. Baoshan Iron Steel | Rising Nonferrous vs. Shandong Gold Mining |
| Kunwu Jiuding vs. Thinkingdom Media Group | Kunwu Jiuding vs. Heilongjiang Publishing Media | Kunwu Jiuding vs. Guilin Seamild Foods | Kunwu Jiuding vs. Threes Company Media |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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