Correlation Between Shandong Sinoglory and NAURA Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shandong Sinoglory Health and NAURA Technology Group, you can compare the effects of market volatilities on Shandong Sinoglory and NAURA Technology 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 Shandong Sinoglory with a short position of NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Sinoglory and NAURA Technology.
Diversification Opportunities for Shandong Sinoglory and NAURA Technology
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shandong and NAURA is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Sinoglory Health and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA Technology and Shandong Sinoglory 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 Shandong Sinoglory Health are associated (or correlated) with NAURA Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAURA Technology has no effect on the direction of Shandong Sinoglory i.e., Shandong Sinoglory and NAURA Technology go up and down completely randomly.
Pair Corralation between Shandong Sinoglory and NAURA Technology
Assuming the 90 days trading horizon Shandong Sinoglory is expected to generate 2.0 times less return on investment than NAURA Technology. But when comparing it to its historical volatility, Shandong Sinoglory Health is 1.4 times less risky than NAURA Technology. It trades about 0.07 of its potential returns per unit of risk. NAURA Technology Group is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 31,421 in NAURA Technology Group on September 3, 2024 and sell it today you would earn a total of 10,147 from holding NAURA Technology Group or generate 32.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Sinoglory Health vs. NAURA Technology Group
Performance |
| Timeline |
| Shandong Sinoglory Health |
| NAURA Technology |
Shandong Sinoglory and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Sinoglory and NAURA Technology
The main advantage of trading using opposite Shandong Sinoglory and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Sinoglory position performs unexpectedly, NAURA Technology 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 NAURA Technology will offset losses from the drop in NAURA Technology's long position.| Shandong Sinoglory vs. Beijing Wantai Biological | Shandong Sinoglory vs. Aluminum Corp of | Shandong Sinoglory vs. COL Digital Publishing | Shandong Sinoglory vs. Shaanxi Meineng Clean |
| NAURA Technology vs. Shandong Sinoglory Health | NAURA Technology vs. Andon Health Co | NAURA Technology vs. Zhangjiagang Freetrade Science | NAURA Technology vs. Lotus Health 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |