Correlation Between Northern United and AUPU Home
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By analyzing existing cross correlation between Northern United Publishing and AUPU Home Style, you can compare the effects of market volatilities on Northern United and AUPU Home 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 AUPU Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Northern United and AUPU Home.
Diversification Opportunities for Northern United and AUPU Home
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Northern and AUPU is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Northern United Publishing and AUPU Home Style in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AUPU Home Style 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 AUPU Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AUPU Home Style has no effect on the direction of Northern United i.e., Northern United and AUPU Home go up and down completely randomly.
Pair Corralation between Northern United and AUPU Home
Assuming the 90 days trading horizon Northern United Publishing is expected to under-perform the AUPU Home. In addition to that, Northern United is 1.91 times more volatile than AUPU Home Style. It trades about -0.4 of its total potential returns per unit of risk. AUPU Home Style is currently generating about -0.4 per unit of volatility. If you would invest 1,165 in AUPU Home Style on October 14, 2024 and sell it today you would lose (154.00) from holding AUPU Home Style or give up 13.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Northern United Publishing vs. AUPU Home Style
Performance |
| Timeline |
| Northern United Publ |
| AUPU Home Style |
Northern United and AUPU Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Northern United and AUPU Home
The main advantage of trading using opposite Northern United and AUPU Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Northern United position performs unexpectedly, AUPU Home 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 AUPU Home will offset losses from the drop in AUPU Home's long position.| Northern United vs. Guangzhou Haozhi Industrial | Northern United vs. Lotus Health Group | Northern United vs. Yunnan Jianzhijia Health Chain | Northern United vs. Sichuan Yahua Industrial |
| AUPU Home vs. COL Digital Publishing | AUPU Home vs. Markor International Home | AUPU Home vs. Heilongjiang Publishing Media | AUPU Home vs. Northern United Publishing |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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