Correlation Between Yantai North and CGN Nuclear
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By analyzing existing cross correlation between Yantai North Andre and CGN Nuclear Technology, you can compare the effects of market volatilities on Yantai North and CGN Nuclear 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 Yantai North with a short position of CGN Nuclear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yantai North and CGN Nuclear.
Diversification Opportunities for Yantai North and CGN Nuclear
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yantai and CGN is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Yantai North Andre and CGN Nuclear Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CGN Nuclear Technology and Yantai North 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 Yantai North Andre are associated (or correlated) with CGN Nuclear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CGN Nuclear Technology has no effect on the direction of Yantai North i.e., Yantai North and CGN Nuclear go up and down completely randomly.
Pair Corralation between Yantai North and CGN Nuclear
Assuming the 90 days trading horizon Yantai North is expected to generate 1.32 times less return on investment than CGN Nuclear. In addition to that, Yantai North is 1.26 times more volatile than CGN Nuclear Technology. It trades about 0.13 of its total potential returns per unit of risk. CGN Nuclear Technology is currently generating about 0.22 per unit of volatility. If you would invest 614.00 in CGN Nuclear Technology on August 25, 2024 and sell it today you would earn a total of 178.00 from holding CGN Nuclear Technology or generate 28.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yantai North Andre vs. CGN Nuclear Technology
Performance |
| Timeline |
| Yantai North Andre |
| CGN Nuclear Technology |
Yantai North and CGN Nuclear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yantai North and CGN Nuclear
The main advantage of trading using opposite Yantai North and CGN Nuclear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yantai North position performs unexpectedly, CGN Nuclear 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 CGN Nuclear will offset losses from the drop in CGN Nuclear's long position.| Yantai North vs. Wuhan Yangtze Communication | Yantai North vs. Eastern Communications Co | Yantai North vs. Keda Clean Energy | Yantai North vs. Fiberhome Telecommunication Technologies |
| CGN Nuclear vs. Zijin Mining Group | CGN Nuclear vs. Wanhua Chemical Group | CGN Nuclear vs. Baoshan Iron Steel | CGN Nuclear vs. Shandong Gold Mining |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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