Correlation Between Lander Sports and Ningxia Building
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By analyzing existing cross correlation between Lander Sports Development and Ningxia Building Materials, you can compare the effects of market volatilities on Lander Sports and Ningxia Building 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 Lander Sports with a short position of Ningxia Building. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lander Sports and Ningxia Building.
Diversification Opportunities for Lander Sports and Ningxia Building
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Lander and Ningxia is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Lander Sports Development and Ningxia Building Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningxia Building Mat and Lander Sports 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 Lander Sports Development are associated (or correlated) with Ningxia Building. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningxia Building Mat has no effect on the direction of Lander Sports i.e., Lander Sports and Ningxia Building go up and down completely randomly.
Pair Corralation between Lander Sports and Ningxia Building
Assuming the 90 days trading horizon Lander Sports is expected to generate 1.21 times less return on investment than Ningxia Building. In addition to that, Lander Sports is 1.01 times more volatile than Ningxia Building Materials. It trades about 0.19 of its total potential returns per unit of risk. Ningxia Building Materials is currently generating about 0.23 per unit of volatility. If you would invest 924.00 in Ningxia Building Materials on September 6, 2024 and sell it today you would earn a total of 508.00 from holding Ningxia Building Materials or generate 54.98% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Lander Sports Development vs. Ningxia Building Materials
Performance |
Timeline |
Lander Sports Development |
Ningxia Building Mat |
Lander Sports and Ningxia Building Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Lander Sports and Ningxia Building
The main advantage of trading using opposite Lander Sports and Ningxia Building positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lander Sports position performs unexpectedly, Ningxia Building 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 Ningxia Building will offset losses from the drop in Ningxia Building's long position.Lander Sports vs. Dongjiang Environmental Co | Lander Sports vs. Beijing SPC Environment | Lander Sports vs. Songz Automobile Air | Lander Sports vs. Shenzhen MYS Environmental |
Ningxia Building vs. Zhejiang Yayi Metal | Ningxia Building vs. XinJiang GuoTong Pipeline | Ningxia Building vs. Pengxin International Mining | Ningxia Building vs. China Nonferrous Metal |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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