Correlation Between Beijing Roborock and Ningxia Building
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By analyzing existing cross correlation between Beijing Roborock Technology and Ningxia Building Materials, you can compare the effects of market volatilities on Beijing Roborock and Ningxia Building 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 Ningxia Building. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Ningxia Building.
Diversification Opportunities for Beijing Roborock and Ningxia Building
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Ningxia is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Ningxia Building Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningxia Building Mat 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 Ningxia Building. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningxia Building Mat has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Ningxia Building go up and down completely randomly.
Pair Corralation between Beijing Roborock and Ningxia Building
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 0.93 times more return on investment than Ningxia Building. However, Beijing Roborock Technology is 1.07 times less risky than Ningxia Building. It trades about 0.2 of its potential returns per unit of risk. Ningxia Building Materials is currently generating about -0.02 per unit of risk. If you would invest 21,540 in Beijing Roborock Technology on October 24, 2024 and sell it today you would earn a total of 2,326 from holding Beijing Roborock Technology or generate 10.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Ningxia Building Materials
Performance |
| Timeline |
| Beijing Roborock Tec |
| Ningxia Building Mat |
Beijing Roborock and Ningxia Building Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Ningxia Building
The main advantage of trading using opposite Beijing Roborock and Ningxia Building positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Ningxia Building 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 Ningxia Building will offset losses from the drop in Ningxia Building's long position.| Beijing Roborock vs. Zhongrun Resources Investment | Beijing Roborock vs. Unisplendour Corp | Beijing Roborock vs. Vanfund Urban Investment | Beijing Roborock vs. Shanghai Shibei Hi Tech |
| Ningxia Building vs. Wuhan Yangtze Communication | Ningxia Building vs. Heilongjiang Transport Development | Ningxia Building vs. Haima Automobile Group | Ningxia Building vs. Songz Automobile Air |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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