Correlation Between Nanjing Vishee and Eastroc Beverage
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By analyzing existing cross correlation between Nanjing Vishee Medical and Eastroc Beverage Group, you can compare the effects of market volatilities on Nanjing Vishee and Eastroc Beverage 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 Nanjing Vishee with a short position of Eastroc Beverage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Vishee and Eastroc Beverage.
Diversification Opportunities for Nanjing Vishee and Eastroc Beverage
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nanjing and Eastroc is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Vishee Medical and Eastroc Beverage Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastroc Beverage and Nanjing Vishee 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 Nanjing Vishee Medical are associated (or correlated) with Eastroc Beverage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastroc Beverage has no effect on the direction of Nanjing Vishee i.e., Nanjing Vishee and Eastroc Beverage go up and down completely randomly.
Pair Corralation between Nanjing Vishee and Eastroc Beverage
Assuming the 90 days trading horizon Nanjing Vishee Medical is expected to under-perform the Eastroc Beverage. In addition to that, Nanjing Vishee is 1.92 times more volatile than Eastroc Beverage Group. It trades about -0.04 of its total potential returns per unit of risk. Eastroc Beverage Group is currently generating about 0.14 per unit of volatility. If you would invest 12,518 in Eastroc Beverage Group on October 18, 2024 and sell it today you would earn a total of 11,085 from holding Eastroc Beverage Group or generate 88.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.58% |
| Values | Daily Returns |
Nanjing Vishee Medical vs. Eastroc Beverage Group
Performance |
| Timeline |
| Nanjing Vishee Medical |
| Eastroc Beverage |
Nanjing Vishee and Eastroc Beverage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Vishee and Eastroc Beverage
The main advantage of trading using opposite Nanjing Vishee and Eastroc Beverage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Vishee position performs unexpectedly, Eastroc Beverage 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 Eastroc Beverage will offset losses from the drop in Eastroc Beverage's long position.| Nanjing Vishee vs. Konfoong Materials International | Nanjing Vishee vs. Jiangnan Mould Plastic | Nanjing Vishee vs. Chongqing Sulian Plastic | Nanjing Vishee vs. Beijing Baolande Software |
| Eastroc Beverage vs. Harbin Hatou Investment | Eastroc Beverage vs. Chongqing Brewery Co | Eastroc Beverage vs. Easyhome New Retail | Eastroc Beverage vs. Shanghai Yaoji Playing |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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