Correlation Between Ningbo Jintian and Hangzhou Minsheng
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By analyzing existing cross correlation between Ningbo Jintian Copper and Hangzhou Minsheng Healthcare, you can compare the effects of market volatilities on Ningbo Jintian and Hangzhou Minsheng 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 Hangzhou Minsheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Jintian and Hangzhou Minsheng.
Diversification Opportunities for Ningbo Jintian and Hangzhou Minsheng
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and Hangzhou is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Jintian Copper and Hangzhou Minsheng Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Minsheng 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 Hangzhou Minsheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Minsheng has no effect on the direction of Ningbo Jintian i.e., Ningbo Jintian and Hangzhou Minsheng go up and down completely randomly.
Pair Corralation between Ningbo Jintian and Hangzhou Minsheng
Assuming the 90 days trading horizon Ningbo Jintian Copper is expected to under-perform the Hangzhou Minsheng. In addition to that, Ningbo Jintian is 1.05 times more volatile than Hangzhou Minsheng Healthcare. It trades about -0.46 of its total potential returns per unit of risk. Hangzhou Minsheng Healthcare is currently generating about -0.27 per unit of volatility. If you would invest 1,390 in Hangzhou Minsheng Healthcare on October 12, 2024 and sell it today you would lose (180.00) from holding Hangzhou Minsheng Healthcare or give up 12.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Jintian Copper vs. Hangzhou Minsheng Healthcare
Performance |
| Timeline |
| Ningbo Jintian Copper |
| Hangzhou Minsheng |
Ningbo Jintian and Hangzhou Minsheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Jintian and Hangzhou Minsheng
The main advantage of trading using opposite Ningbo Jintian and Hangzhou Minsheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Jintian position performs unexpectedly, Hangzhou Minsheng 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 Hangzhou Minsheng will offset losses from the drop in Hangzhou Minsheng's long position.| Ningbo Jintian vs. HeNan Splendor Science | Ningbo Jintian vs. Guangdong Xiongsu Technology | Ningbo Jintian vs. Jiujiang Shanshui Technology | Ningbo Jintian vs. Agricultural Bank of |
| Hangzhou Minsheng vs. Ningbo Jintian Copper | Hangzhou Minsheng vs. Hainan Mining Co | Hangzhou Minsheng vs. Shanghai Yanpu Metal | Hangzhou Minsheng vs. MayAir Technology Co |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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