Correlation Between Eastroc Beverage and Ningbo Jintian
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By analyzing existing cross correlation between Eastroc Beverage Group and Ningbo Jintian Copper, you can compare the effects of market volatilities on Eastroc Beverage and Ningbo Jintian 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 Eastroc Beverage with a short position of Ningbo Jintian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Ningbo Jintian.
Diversification Opportunities for Eastroc Beverage and Ningbo Jintian
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Eastroc and Ningbo is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Ningbo Jintian Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jintian Copper and Eastroc Beverage 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 Eastroc Beverage Group are associated (or correlated) with Ningbo Jintian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jintian Copper has no effect on the direction of Eastroc Beverage i.e., Eastroc Beverage and Ningbo Jintian go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Ningbo Jintian
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to under-perform the Ningbo Jintian. In addition to that, Eastroc Beverage is 2.37 times more volatile than Ningbo Jintian Copper. It trades about -0.01 of its total potential returns per unit of risk. Ningbo Jintian Copper is currently generating about 0.32 per unit of volatility. If you would invest 567.00 in Ningbo Jintian Copper on November 4, 2024 and sell it today you would earn a total of 42.00 from holding Ningbo Jintian Copper or generate 7.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastroc Beverage Group vs. Ningbo Jintian Copper
Performance |
| Timeline |
| Eastroc Beverage |
| Ningbo Jintian Copper |
Eastroc Beverage and Ningbo Jintian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastroc Beverage and Ningbo Jintian
The main advantage of trading using opposite Eastroc Beverage and Ningbo Jintian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage position performs unexpectedly, Ningbo Jintian 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 Ningbo Jintian will offset losses from the drop in Ningbo Jintian's long position.| Eastroc Beverage vs. Nanjing OLO Home | Eastroc Beverage vs. TongFu Microelectronics Co | Eastroc Beverage vs. Queclink Wireless Solutions | Eastroc Beverage vs. Zhangjiagang Elegant Home |
| Ningbo Jintian vs. Wonders Information | Ningbo Jintian vs. East Money Information | Ningbo Jintian vs. Biwin Storage Technology | Ningbo Jintian vs. Guangdong Liantai Environmental |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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