Correlation Between Cultural Investment and Nantong Haixing
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cultural Investment Holdings and Nantong Haixing Electronics, you can compare the effects of market volatilities on Cultural Investment and Nantong Haixing 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 Cultural Investment with a short position of Nantong Haixing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cultural Investment and Nantong Haixing.
Diversification Opportunities for Cultural Investment and Nantong Haixing
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cultural and Nantong is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Cultural Investment Holdings and Nantong Haixing Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nantong Haixing Elec and Cultural 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 Cultural Investment Holdings are associated (or correlated) with Nantong Haixing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nantong Haixing Elec has no effect on the direction of Cultural Investment i.e., Cultural Investment and Nantong Haixing go up and down completely randomly.
Pair Corralation between Cultural Investment and Nantong Haixing
Assuming the 90 days trading horizon Cultural Investment Holdings is expected to generate 1.8 times more return on investment than Nantong Haixing. However, Cultural Investment is 1.8 times more volatile than Nantong Haixing Electronics. It trades about 0.26 of its potential returns per unit of risk. Nantong Haixing Electronics is currently generating about -0.06 per unit of risk. If you would invest 197.00 in Cultural Investment Holdings on August 25, 2024 and sell it today you would earn a total of 37.00 from holding Cultural Investment Holdings or generate 18.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Cultural Investment Holdings vs. Nantong Haixing Electronics
Performance |
| Timeline |
| Cultural Investment |
| Nantong Haixing Elec |
Cultural Investment and Nantong Haixing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cultural Investment and Nantong Haixing
The main advantage of trading using opposite Cultural Investment and Nantong Haixing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cultural Investment position performs unexpectedly, Nantong Haixing 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 Nantong Haixing will offset losses from the drop in Nantong Haixing's long position.| Cultural Investment vs. Agricultural Bank of | Cultural Investment vs. Industrial and Commercial | Cultural Investment vs. Bank of China | Cultural Investment vs. PetroChina Co Ltd |
| Nantong Haixing vs. Kweichow Moutai Co | Nantong Haixing vs. Shenzhen Mindray Bio Medical | Nantong Haixing vs. Jiangsu Pacific Quartz | Nantong Haixing vs. G bits Network Technology |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |