Correlation Between Ceragon Networks and Nanjing Yunhai
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By analyzing existing cross correlation between Ceragon Networks and Nanjing Yunhai Special, you can compare the effects of market volatilities on Ceragon Networks and Nanjing Yunhai 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 Ceragon Networks with a short position of Nanjing Yunhai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ceragon Networks and Nanjing Yunhai.
Diversification Opportunities for Ceragon Networks and Nanjing Yunhai
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ceragon and Nanjing is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Ceragon Networks and Nanjing Yunhai Special in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Yunhai Special and Ceragon Networks 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 Ceragon Networks are associated (or correlated) with Nanjing Yunhai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Yunhai Special has no effect on the direction of Ceragon Networks i.e., Ceragon Networks and Nanjing Yunhai go up and down completely randomly.
Pair Corralation between Ceragon Networks and Nanjing Yunhai
Given the investment horizon of 90 days Ceragon Networks is expected to generate 1.7 times more return on investment than Nanjing Yunhai. However, Ceragon Networks is 1.7 times more volatile than Nanjing Yunhai Special. It trades about 0.51 of its potential returns per unit of risk. Nanjing Yunhai Special is currently generating about 0.23 per unit of risk. If you would invest 256.00 in Ceragon Networks on September 13, 2024 and sell it today you would earn a total of 235.00 from holding Ceragon Networks or generate 91.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Ceragon Networks vs. Nanjing Yunhai Special
Performance |
| Timeline |
| Ceragon Networks |
| Nanjing Yunhai Special |
Ceragon Networks and Nanjing Yunhai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ceragon Networks and Nanjing Yunhai
The main advantage of trading using opposite Ceragon Networks and Nanjing Yunhai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ceragon Networks position performs unexpectedly, Nanjing Yunhai 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 Nanjing Yunhai will offset losses from the drop in Nanjing Yunhai's long position.| Ceragon Networks vs. Cambium Networks Corp | Ceragon Networks vs. KVH Industries | Ceragon Networks vs. Knowles Cor | Ceragon Networks vs. AudioCodes |
| Nanjing Yunhai vs. Ye Chiu Metal | Nanjing Yunhai vs. Qingdao Choho Industrial | Nanjing Yunhai vs. Hainan Mining Co | Nanjing Yunhai vs. Chengtun Mining Group |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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