Correlation Between Panda Financial and Nuode Investment
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By analyzing existing cross correlation between Panda Financial Holding and Nuode Investment Co, you can compare the effects of market volatilities on Panda Financial and Nuode Investment 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 Panda Financial with a short position of Nuode Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Panda Financial and Nuode Investment.
Diversification Opportunities for Panda Financial and Nuode Investment
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Panda and Nuode is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Panda Financial Holding and Nuode Investment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuode Investment and Panda Financial 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 Panda Financial Holding are associated (or correlated) with Nuode Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuode Investment has no effect on the direction of Panda Financial i.e., Panda Financial and Nuode Investment go up and down completely randomly.
Pair Corralation between Panda Financial and Nuode Investment
Assuming the 90 days trading horizon Panda Financial Holding is expected to generate 1.12 times more return on investment than Nuode Investment. However, Panda Financial is 1.12 times more volatile than Nuode Investment Co. It trades about 0.01 of its potential returns per unit of risk. Nuode Investment Co is currently generating about -0.05 per unit of risk. If you would invest 1,307 in Panda Financial Holding on October 14, 2024 and sell it today you would lose (122.00) from holding Panda Financial Holding or give up 9.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Panda Financial Holding vs. Nuode Investment Co
Performance |
| Timeline |
| Panda Financial Holding |
| Nuode Investment |
Panda Financial and Nuode Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Panda Financial and Nuode Investment
The main advantage of trading using opposite Panda Financial and Nuode Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Panda Financial position performs unexpectedly, Nuode Investment 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 Nuode Investment will offset losses from the drop in Nuode Investment's long position.| Panda Financial vs. Shandong Iron and | Panda Financial vs. Shaanxi Meineng Clean | Panda Financial vs. Shanghai Jinfeng Wine | Panda Financial vs. Eit Environmental Development |
| Nuode Investment vs. Panda Financial Holding | Nuode Investment vs. HeNan Splendor Science | Nuode Investment vs. Duzhe Publishing Media | Nuode Investment vs. Lecron Energy Saving |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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