Correlation Between Marssenger Kitchenware and Ningbo David
Specify exactly 2 symbols:
By analyzing existing cross correlation between Marssenger Kitchenware Co and Ningbo David Medical, you can compare the effects of market volatilities on Marssenger Kitchenware and Ningbo David 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 Marssenger Kitchenware with a short position of Ningbo David. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marssenger Kitchenware and Ningbo David.
Diversification Opportunities for Marssenger Kitchenware and Ningbo David
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Marssenger and Ningbo is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Marssenger Kitchenware Co and Ningbo David Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo David Medical and Marssenger Kitchenware 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 Marssenger Kitchenware Co are associated (or correlated) with Ningbo David. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo David Medical has no effect on the direction of Marssenger Kitchenware i.e., Marssenger Kitchenware and Ningbo David go up and down completely randomly.
Pair Corralation between Marssenger Kitchenware and Ningbo David
Assuming the 90 days trading horizon Marssenger Kitchenware Co is expected to generate 1.14 times more return on investment than Ningbo David. However, Marssenger Kitchenware is 1.14 times more volatile than Ningbo David Medical. It trades about 0.12 of its potential returns per unit of risk. Ningbo David Medical is currently generating about 0.1 per unit of risk. If you would invest 1,158 in Marssenger Kitchenware Co on September 23, 2024 and sell it today you would earn a total of 362.00 from holding Marssenger Kitchenware Co or generate 31.26% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Marssenger Kitchenware Co vs. Ningbo David Medical
Performance |
Timeline |
Marssenger Kitchenware |
Ningbo David Medical |
Marssenger Kitchenware and Ningbo David Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Marssenger Kitchenware and Ningbo David
The main advantage of trading using opposite Marssenger Kitchenware and Ningbo David positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marssenger Kitchenware position performs unexpectedly, Ningbo David 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 Ningbo David will offset losses from the drop in Ningbo David's long position.Marssenger Kitchenware vs. Agricultural Bank of | Marssenger Kitchenware vs. Industrial and Commercial | Marssenger Kitchenware vs. Bank of China | Marssenger Kitchenware vs. China Construction Bank |
Ningbo David vs. New China Life | Ningbo David vs. Ming Yang Smart | Ningbo David vs. 159681 | Ningbo David vs. 159005 |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
Global Correlations Find global opportunities by holding instruments from different markets | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
CEOs Directory Screen CEOs from public companies around the world |