Correlation Between Ningbo Jintian and China National
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By analyzing existing cross correlation between Ningbo Jintian Copper and China National Software, you can compare the effects of market volatilities on Ningbo Jintian and China National 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 China National. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Jintian and China National.
Diversification Opportunities for Ningbo Jintian and China National
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and China is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Jintian Copper and China National Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China National Software 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 China National. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China National Software has no effect on the direction of Ningbo Jintian i.e., Ningbo Jintian and China National go up and down completely randomly.
Pair Corralation between Ningbo Jintian and China National
Assuming the 90 days trading horizon Ningbo Jintian Copper is expected to under-perform the China National. But the stock apears to be less risky and, when comparing its historical volatility, Ningbo Jintian Copper is 1.69 times less risky than China National. The stock trades about -0.01 of its potential returns per unit of risk. The China National Software is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 6,158 in China National Software on October 16, 2024 and sell it today you would lose (1,641) from holding China National Software or give up 26.65% 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. China National Software
Performance |
| Timeline |
| Ningbo Jintian Copper |
| China National Software |
Ningbo Jintian and China National Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Jintian and China National
The main advantage of trading using opposite Ningbo Jintian and China National positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Jintian position performs unexpectedly, China National 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 China National will offset losses from the drop in China National'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 |
| China National vs. Masterwork Machinery | China National vs. China World Trade | China National vs. Ningbo Construction Co | China National vs. Jinlong Machinery Electronic |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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