Correlation Between Northern United and Beijing Kaiwen
Specify exactly 2 symbols:
By analyzing existing cross correlation between Northern United Publishing and Beijing Kaiwen Education, you can compare the effects of market volatilities on Northern United and Beijing Kaiwen 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 Northern United with a short position of Beijing Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Northern United and Beijing Kaiwen.
Diversification Opportunities for Northern United and Beijing Kaiwen
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Northern and Beijing is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Northern United Publishing and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education and Northern United 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 Northern United Publishing are associated (or correlated) with Beijing Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of Northern United i.e., Northern United and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between Northern United and Beijing Kaiwen
Assuming the 90 days trading horizon Northern United Publishing is expected to under-perform the Beijing Kaiwen. But the stock apears to be less risky and, when comparing its historical volatility, Northern United Publishing is 1.16 times less risky than Beijing Kaiwen. The stock trades about 0.0 of its potential returns per unit of risk. The Beijing Kaiwen Education is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 472.00 in Beijing Kaiwen Education on September 3, 2024 and sell it today you would earn a total of 62.00 from holding Beijing Kaiwen Education or generate 13.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Northern United Publishing vs. Beijing Kaiwen Education
Performance |
| Timeline |
| Northern United Publ |
| Beijing Kaiwen Education |
Northern United and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Northern United and Beijing Kaiwen
The main advantage of trading using opposite Northern United and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Northern United position performs unexpectedly, Beijing Kaiwen 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 Beijing Kaiwen will offset losses from the drop in Beijing Kaiwen's long position.| Northern United vs. Gansu Jiu Steel | Northern United vs. Ming Yang Smart | Northern United vs. Aba Chemicals Corp | Northern United vs. Loctek Ergonomic Technology |
| Beijing Kaiwen vs. Cultural Investment Holdings | Beijing Kaiwen vs. Gome Telecom Equipment | Beijing Kaiwen vs. Bus Online Co | Beijing Kaiwen vs. Holitech 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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |