Correlation Between Beijing Roborock and NAURA Technology
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By analyzing existing cross correlation between Beijing Roborock Technology and NAURA Technology Group, you can compare the effects of market volatilities on Beijing Roborock 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 Beijing Roborock with a short position of NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and NAURA Technology.
Diversification Opportunities for Beijing Roborock and NAURA Technology
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Beijing and NAURA is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA 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 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 Beijing Roborock i.e., Beijing Roborock and NAURA Technology go up and down completely randomly.
Pair Corralation between Beijing Roborock and NAURA Technology
Assuming the 90 days trading horizon Beijing Roborock is expected to generate 2.36 times less return on investment than NAURA Technology. In addition to that, Beijing Roborock is 1.44 times more volatile than NAURA Technology Group. It trades about 0.01 of its total potential returns per unit of risk. NAURA Technology Group is currently generating about 0.04 per unit of volatility. If you would invest 32,084 in NAURA Technology Group on August 27, 2024 and sell it today you would earn a total of 10,169 from holding NAURA Technology Group or generate 31.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. NAURA Technology Group
Performance |
| Timeline |
| Beijing Roborock Tec |
| NAURA Technology |
Beijing Roborock and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and NAURA Technology
The main advantage of trading using opposite Beijing Roborock and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock 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.| Beijing Roborock vs. CGN Nuclear Technology | Beijing Roborock vs. Changjiang Jinggong Steel | Beijing Roborock vs. Lingyuan Iron Steel | Beijing Roborock vs. Bengang Steel Plates |
| NAURA Technology vs. Biwin Storage Technology | NAURA Technology vs. PetroChina Co Ltd | NAURA Technology vs. Industrial and Commercial | NAURA Technology vs. China Construction Bank |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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