Correlation Between Niutech Environment and By Health
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By analyzing existing cross correlation between Niutech Environment Technology and By health, you can compare the effects of market volatilities on Niutech Environment and By Health 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 Niutech Environment with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Niutech Environment and By Health.
Diversification Opportunities for Niutech Environment and By Health
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Niutech and 300146 is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Niutech Environment Technology and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Niutech Environment 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 Niutech Environment Technology are associated (or correlated) with By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Niutech Environment i.e., Niutech Environment and By Health go up and down completely randomly.
Pair Corralation between Niutech Environment and By Health
Assuming the 90 days trading horizon Niutech Environment Technology is expected to generate 1.07 times more return on investment than By Health. However, Niutech Environment is 1.07 times more volatile than By health. It trades about 0.12 of its potential returns per unit of risk. By health is currently generating about 0.08 per unit of risk. If you would invest 1,117 in Niutech Environment Technology on September 3, 2024 and sell it today you would earn a total of 292.00 from holding Niutech Environment Technology or generate 26.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Niutech Environment Technology vs. By health
Performance |
| Timeline |
| Niutech Environment |
| By health |
Niutech Environment and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Niutech Environment and By Health
The main advantage of trading using opposite Niutech Environment and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Niutech Environment position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Niutech Environment vs. Cultural Investment Holdings | Niutech Environment vs. Gome Telecom Equipment | Niutech Environment vs. Bus Online Co | Niutech Environment vs. Holitech Technology Co |
| By Health vs. Beijing Wantai Biological | By Health vs. Aluminum Corp of | By Health vs. COL Digital Publishing | By Health vs. Shaanxi Meineng Clean |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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