Correlation Between Beijing Roborock and CGN Nuclear
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By analyzing existing cross correlation between Beijing Roborock Technology and CGN Nuclear Technology, you can compare the effects of market volatilities on Beijing Roborock 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 Beijing Roborock with a short position of CGN Nuclear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and CGN Nuclear.
Diversification Opportunities for Beijing Roborock and CGN Nuclear
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Beijing and CGN is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology 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 Beijing Roborock 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 Beijing Roborock Technology 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 Beijing Roborock i.e., Beijing Roborock and CGN Nuclear go up and down completely randomly.
Pair Corralation between Beijing Roborock and CGN Nuclear
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the CGN Nuclear. In addition to that, Beijing Roborock is 1.41 times more volatile than CGN Nuclear Technology. It trades about -0.01 of its total potential returns per unit of risk. CGN Nuclear Technology is currently generating about 0.02 per unit of volatility. If you would invest 740.00 in CGN Nuclear Technology on August 27, 2024 and sell it today you would earn a total of 52.00 from holding CGN Nuclear Technology or generate 7.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. CGN Nuclear Technology
Performance |
| Timeline |
| Beijing Roborock Tec |
| CGN Nuclear Technology |
Beijing Roborock and CGN Nuclear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and CGN Nuclear
The main advantage of trading using opposite Beijing Roborock and CGN Nuclear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock 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.| Beijing Roborock vs. CGN Nuclear Technology | Beijing Roborock vs. Changjiang Jinggong Steel | Beijing Roborock vs. Lingyuan Iron Steel | Beijing Roborock vs. Bengang Steel Plates |
| 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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