Correlation Between Spire Global and Nanjing Yunhai
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By analyzing existing cross correlation between Spire Global and Nanjing Yunhai Special, you can compare the effects of market volatilities on Spire Global 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 Spire Global with a short position of Nanjing Yunhai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spire Global and Nanjing Yunhai.
Diversification Opportunities for Spire Global and Nanjing Yunhai
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Spire and Nanjing is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Spire Global 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 Spire Global 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 Spire Global 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 Spire Global i.e., Spire Global and Nanjing Yunhai go up and down completely randomly.
Pair Corralation between Spire Global and Nanjing Yunhai
Given the investment horizon of 90 days Spire Global is expected to generate 1.02 times less return on investment than Nanjing Yunhai. In addition to that, Spire Global is 1.2 times more volatile than Nanjing Yunhai Special. It trades about 0.18 of its total potential returns per unit of risk. Nanjing Yunhai Special is currently generating about 0.23 per unit of volatility. If you would invest 1,116 in Nanjing Yunhai Special on September 13, 2024 and sell it today you would earn a total of 215.00 from holding Nanjing Yunhai Special or generate 19.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Spire Global vs. Nanjing Yunhai Special
Performance |
| Timeline |
| Spire Global |
| Nanjing Yunhai Special |
Spire Global and Nanjing Yunhai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spire Global and Nanjing Yunhai
The main advantage of trading using opposite Spire Global and Nanjing Yunhai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spire Global 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.| Spire Global vs. Lichen China Limited | Spire Global vs. Unifirst | Spire Global vs. First Advantage Corp | Spire Global vs. Performant Financial |
| 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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