Correlation Between Ningbo Jintian and Kidswant Children
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By analyzing existing cross correlation between Ningbo Jintian Copper and Kidswant Children Products, you can compare the effects of market volatilities on Ningbo Jintian and Kidswant Children 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 Kidswant Children. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Jintian and Kidswant Children.
Diversification Opportunities for Ningbo Jintian and Kidswant Children
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ningbo and Kidswant is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Jintian Copper and Kidswant Children Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kidswant Children 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 Kidswant Children. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kidswant Children has no effect on the direction of Ningbo Jintian i.e., Ningbo Jintian and Kidswant Children go up and down completely randomly.
Pair Corralation between Ningbo Jintian and Kidswant Children
Assuming the 90 days trading horizon Ningbo Jintian Copper is expected to under-perform the Kidswant Children. But the stock apears to be less risky and, when comparing its historical volatility, Ningbo Jintian Copper is 1.85 times less risky than Kidswant Children. The stock trades about -0.01 of its potential returns per unit of risk. The Kidswant Children Products is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,283 in Kidswant Children Products on October 16, 2024 and sell it today you would lose (80.00) from holding Kidswant Children Products or give up 6.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Jintian Copper vs. Kidswant Children Products
Performance |
| Timeline |
| Ningbo Jintian Copper |
| Kidswant Children |
Ningbo Jintian and Kidswant Children Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Jintian and Kidswant Children
The main advantage of trading using opposite Ningbo Jintian and Kidswant Children positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Jintian position performs unexpectedly, Kidswant Children 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 Kidswant Children will offset losses from the drop in Kidswant Children's long position.| Ningbo Jintian vs. Winner Medical Co | Ningbo Jintian vs. Marssenger Kitchenware Co | Ningbo Jintian vs. China World Trade | Ningbo Jintian vs. Allmed Medical Products |
| Kidswant Children vs. Beijing Kaiwen Education | Kidswant Children vs. Tibet Huayu Mining | Kidswant Children vs. China Publishing Media | Kidswant Children vs. Guangzhou Restaurants Group |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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