Correlation Between Tibet Summit and Nanjing Putian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tibet Summit Resources and Nanjing Putian Telecommunications, you can compare the effects of market volatilities on Tibet Summit and Nanjing Putian 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 Tibet Summit with a short position of Nanjing Putian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tibet Summit and Nanjing Putian.
Diversification Opportunities for Tibet Summit and Nanjing Putian
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Tibet and Nanjing is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Tibet Summit Resources and Nanjing Putian Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Putian Telec and Tibet Summit 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 Tibet Summit Resources are associated (or correlated) with Nanjing Putian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Putian Telec has no effect on the direction of Tibet Summit i.e., Tibet Summit and Nanjing Putian go up and down completely randomly.
Pair Corralation between Tibet Summit and Nanjing Putian
Assuming the 90 days trading horizon Tibet Summit Resources is expected to generate 0.63 times more return on investment than Nanjing Putian. However, Tibet Summit Resources is 1.59 times less risky than Nanjing Putian. It trades about 0.09 of its potential returns per unit of risk. Nanjing Putian Telecommunications is currently generating about -0.03 per unit of risk. If you would invest 1,203 in Tibet Summit Resources on September 13, 2024 and sell it today you would earn a total of 64.00 from holding Tibet Summit Resources or generate 5.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tibet Summit Resources vs. Nanjing Putian Telecommunicati
Performance |
| Timeline |
| Tibet Summit Resources |
| Nanjing Putian Telec |
Tibet Summit and Nanjing Putian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tibet Summit and Nanjing Putian
The main advantage of trading using opposite Tibet Summit and Nanjing Putian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tibet Summit position performs unexpectedly, Nanjing Putian 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 Nanjing Putian will offset losses from the drop in Nanjing Putian's long position.| Tibet Summit vs. Fiberhome Telecommunication Technologies | Tibet Summit vs. Yindu Kitchen Equipment | Tibet Summit vs. Kuang Chi Technologies | Tibet Summit vs. Panda Dairy Corp |
| Nanjing Putian vs. Industrial and Commercial | Nanjing Putian vs. China Construction Bank | Nanjing Putian vs. Bank of China | Nanjing Putian vs. Agricultural Bank of |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |