Correlation Between Ningbo Jintian and Haima Automobile
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By analyzing existing cross correlation between Ningbo Jintian Copper and Haima Automobile Group, you can compare the effects of market volatilities on Ningbo Jintian and Haima Automobile 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 Ningbo Jintian with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Jintian and Haima Automobile.
Diversification Opportunities for Ningbo Jintian and Haima Automobile
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ningbo and Haima is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Jintian Copper and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Ningbo Jintian 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 Ningbo Jintian Copper are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Ningbo Jintian i.e., Ningbo Jintian and Haima Automobile go up and down completely randomly.
Pair Corralation between Ningbo Jintian and Haima Automobile
Assuming the 90 days trading horizon Ningbo Jintian Copper is expected to generate 0.61 times more return on investment than Haima Automobile. However, Ningbo Jintian Copper is 1.65 times less risky than Haima Automobile. It trades about 0.32 of its potential returns per unit of risk. Haima Automobile Group is currently generating about 0.06 per unit of risk. If you would invest 567.00 in Ningbo Jintian Copper on November 4, 2024 and sell it today you would earn a total of 42.00 from holding Ningbo Jintian Copper or generate 7.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Jintian Copper vs. Haima Automobile Group
Performance |
| Timeline |
| Ningbo Jintian Copper |
| Haima Automobile |
Ningbo Jintian and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Jintian and Haima Automobile
The main advantage of trading using opposite Ningbo Jintian and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Jintian position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Ningbo Jintian vs. Sichuan Yahua Industrial | Ningbo Jintian vs. Shenzhen MYS Environmental | Ningbo Jintian vs. GreenTech Environmental Co | Ningbo Jintian vs. Shenzhen Shenbao Industrial |
| Haima Automobile vs. HengFeng Information Technology | Haima Automobile vs. Jiamei Food Packaging | Haima Automobile vs. Xiangpiaopiao Food Co | Haima Automobile vs. Sharetronic Data 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 CEOs Directory module to screen CEOs from public companies around the world.
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