Correlation Between Niutech Environment and Jiangsu Financial
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By analyzing existing cross correlation between Niutech Environment Technology and Jiangsu Financial Leasing, you can compare the effects of market volatilities on Niutech Environment and Jiangsu Financial 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 Jiangsu Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Niutech Environment and Jiangsu Financial.
Diversification Opportunities for Niutech Environment and Jiangsu Financial
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Niutech and Jiangsu is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Niutech Environment Technology and Jiangsu Financial Leasing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Financial Leasing 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 Jiangsu Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Financial Leasing has no effect on the direction of Niutech Environment i.e., Niutech Environment and Jiangsu Financial go up and down completely randomly.
Pair Corralation between Niutech Environment and Jiangsu Financial
Assuming the 90 days trading horizon Niutech Environment Technology is expected to under-perform the Jiangsu Financial. In addition to that, Niutech Environment is 1.89 times more volatile than Jiangsu Financial Leasing. It trades about -0.19 of its total potential returns per unit of risk. Jiangsu Financial Leasing is currently generating about 0.05 per unit of volatility. If you would invest 513.00 in Jiangsu Financial Leasing on October 18, 2024 and sell it today you would earn a total of 6.00 from holding Jiangsu Financial Leasing or generate 1.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Niutech Environment Technology vs. Jiangsu Financial Leasing
Performance |
| Timeline |
| Niutech Environment |
| Jiangsu Financial Leasing |
Niutech Environment and Jiangsu Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Niutech Environment and Jiangsu Financial
The main advantage of trading using opposite Niutech Environment and Jiangsu Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Niutech Environment position performs unexpectedly, Jiangsu Financial 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 Jiangsu Financial will offset losses from the drop in Jiangsu Financial's long position.| Niutech Environment vs. Porton Fine Chemicals | Niutech Environment vs. Beijing Jiaman Dress | Niutech Environment vs. Shandong Polymer Biochemicals | Niutech Environment vs. FSPG Hi Tech Co |
| Jiangsu Financial vs. Leyard Optoelectronic | Jiangsu Financial vs. Sihui Fuji Electronics | Jiangsu Financial vs. Jinlong Machinery Electronic | Jiangsu Financial vs. HaiXin Foods Co |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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