Correlation Between Saurer Intelligent and Ningbo Jintian
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By analyzing existing cross correlation between Saurer Intelligent Technology and Ningbo Jintian Copper, you can compare the effects of market volatilities on Saurer Intelligent and Ningbo Jintian 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 Saurer Intelligent with a short position of Ningbo Jintian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saurer Intelligent and Ningbo Jintian.
Diversification Opportunities for Saurer Intelligent and Ningbo Jintian
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Saurer and Ningbo is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Saurer Intelligent Technology and Ningbo Jintian Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jintian Copper and Saurer Intelligent 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 Saurer Intelligent Technology are associated (or correlated) with Ningbo Jintian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jintian Copper has no effect on the direction of Saurer Intelligent i.e., Saurer Intelligent and Ningbo Jintian go up and down completely randomly.
Pair Corralation between Saurer Intelligent and Ningbo Jintian
Assuming the 90 days trading horizon Saurer Intelligent Technology is expected to generate 1.78 times more return on investment than Ningbo Jintian. However, Saurer Intelligent is 1.78 times more volatile than Ningbo Jintian Copper. It trades about 0.03 of its potential returns per unit of risk. Ningbo Jintian Copper is currently generating about 0.01 per unit of risk. If you would invest 286.00 in Saurer Intelligent Technology on September 12, 2024 and sell it today you would earn a total of 45.00 from holding Saurer Intelligent Technology or generate 15.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Saurer Intelligent Technology vs. Ningbo Jintian Copper
Performance |
| Timeline |
| Saurer Intelligent |
| Ningbo Jintian Copper |
Saurer Intelligent and Ningbo Jintian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saurer Intelligent and Ningbo Jintian
The main advantage of trading using opposite Saurer Intelligent and Ningbo Jintian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saurer Intelligent position performs unexpectedly, Ningbo Jintian 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 Ningbo Jintian will offset losses from the drop in Ningbo Jintian's long position.| Saurer Intelligent vs. Agricultural Bank of | Saurer Intelligent vs. Industrial and Commercial | Saurer Intelligent vs. Bank of China | Saurer Intelligent vs. PetroChina Co Ltd |
| Ningbo Jintian vs. Guangzhou Automobile Group | Ningbo Jintian vs. Anhui Jianghuai Automobile | Ningbo Jintian vs. Changchun Faway Automobile | Ningbo Jintian vs. Chengdu Xinzhu RoadBridge |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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