Correlation Between Ningbo Ligong and Xiangpiaopiao Food
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By analyzing existing cross correlation between Ningbo Ligong Online and Xiangpiaopiao Food Co, you can compare the effects of market volatilities on Ningbo Ligong and Xiangpiaopiao Food 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 Ningbo Ligong with a short position of Xiangpiaopiao Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Ligong and Xiangpiaopiao Food.
Diversification Opportunities for Ningbo Ligong and Xiangpiaopiao Food
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ningbo and Xiangpiaopiao is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Ligong Online and Xiangpiaopiao Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiangpiaopiao Food and Ningbo Ligong 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 Ningbo Ligong Online are associated (or correlated) with Xiangpiaopiao Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiangpiaopiao Food has no effect on the direction of Ningbo Ligong i.e., Ningbo Ligong and Xiangpiaopiao Food go up and down completely randomly.
Pair Corralation between Ningbo Ligong and Xiangpiaopiao Food
Assuming the 90 days trading horizon Ningbo Ligong Online is expected to under-perform the Xiangpiaopiao Food. But the stock apears to be less risky and, when comparing its historical volatility, Ningbo Ligong Online is 2.63 times less risky than Xiangpiaopiao Food. The stock trades about -0.07 of its potential returns per unit of risk. The Xiangpiaopiao Food Co is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,361 in Xiangpiaopiao Food Co on September 26, 2024 and sell it today you would earn a total of 274.00 from holding Xiangpiaopiao Food Co or generate 20.13% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Ningbo Ligong Online vs. Xiangpiaopiao Food Co
Performance |
Timeline |
Ningbo Ligong Online |
Xiangpiaopiao Food |
Ningbo Ligong and Xiangpiaopiao Food Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ningbo Ligong and Xiangpiaopiao Food
The main advantage of trading using opposite Ningbo Ligong and Xiangpiaopiao Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Ligong position performs unexpectedly, Xiangpiaopiao Food 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 Xiangpiaopiao Food will offset losses from the drop in Xiangpiaopiao Food's long position.Ningbo Ligong vs. Ming Yang Smart | Ningbo Ligong vs. 159681 | Ningbo Ligong vs. 159005 | Ningbo Ligong vs. Loctek Ergonomic Technology |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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