Correlation Between Yindu Kitchen and NBTM New
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By analyzing existing cross correlation between Yindu Kitchen Equipment and NBTM New Materials, you can compare the effects of market volatilities on Yindu Kitchen and NBTM New 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 Yindu Kitchen with a short position of NBTM New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yindu Kitchen and NBTM New.
Diversification Opportunities for Yindu Kitchen and NBTM New
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yindu and NBTM is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Yindu Kitchen Equipment and NBTM New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NBTM New Materials and Yindu Kitchen 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 Yindu Kitchen Equipment are associated (or correlated) with NBTM New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NBTM New Materials has no effect on the direction of Yindu Kitchen i.e., Yindu Kitchen and NBTM New go up and down completely randomly.
Pair Corralation between Yindu Kitchen and NBTM New
Assuming the 90 days trading horizon Yindu Kitchen Equipment is expected to generate 0.89 times more return on investment than NBTM New. However, Yindu Kitchen Equipment is 1.12 times less risky than NBTM New. It trades about 0.19 of its potential returns per unit of risk. NBTM New Materials is currently generating about 0.05 per unit of risk. If you would invest 2,353 in Yindu Kitchen Equipment on October 29, 2024 and sell it today you would earn a total of 212.00 from holding Yindu Kitchen Equipment or generate 9.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yindu Kitchen Equipment vs. NBTM New Materials
Performance |
| Timeline |
| Yindu Kitchen Equipment |
| NBTM New Materials |
Yindu Kitchen and NBTM New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yindu Kitchen and NBTM New
The main advantage of trading using opposite Yindu Kitchen and NBTM New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yindu Kitchen position performs unexpectedly, NBTM New 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 NBTM New will offset losses from the drop in NBTM New's long position.| Yindu Kitchen vs. Shanghai Shuixing Home | Yindu Kitchen vs. Soyea Technology Co | Yindu Kitchen vs. Jiujiang Shanshui Technology | Yindu Kitchen vs. Jiugui Liquor Co |
| NBTM New vs. Kweichow Moutai Co | NBTM New vs. Jiangsu Pacific Quartz | NBTM New vs. Shenzhen Transsion Holdings | NBTM New vs. Beijing Roborock Technology |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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