Correlation Between NAURA Technology and Youngy Health
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By analyzing existing cross correlation between NAURA Technology Group and Youngy Health Co, you can compare the effects of market volatilities on NAURA Technology and Youngy Health 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 NAURA Technology with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Youngy Health.
Diversification Opportunities for NAURA Technology and Youngy Health
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between NAURA and Youngy is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health and NAURA Technology 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 NAURA Technology Group are associated (or correlated) with Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of NAURA Technology i.e., NAURA Technology and Youngy Health go up and down completely randomly.
Pair Corralation between NAURA Technology and Youngy Health
Assuming the 90 days trading horizon NAURA Technology is expected to generate 2.23 times less return on investment than Youngy Health. But when comparing it to its historical volatility, NAURA Technology Group is 1.33 times less risky than Youngy Health. It trades about 0.15 of its potential returns per unit of risk. Youngy Health Co is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 243.00 in Youngy Health Co on September 14, 2024 and sell it today you would earn a total of 208.00 from holding Youngy Health Co or generate 85.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
NAURA Technology Group vs. Youngy Health Co
Performance |
Timeline |
NAURA Technology |
Youngy Health |
NAURA Technology and Youngy Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with NAURA Technology and Youngy Health
The main advantage of trading using opposite NAURA Technology and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Youngy Health 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 Youngy Health will offset losses from the drop in Youngy Health's long position.NAURA Technology vs. Beijing Sanyuan Foods | NAURA Technology vs. Namchow Food Group | NAURA Technology vs. Youyou Foods Co | NAURA Technology vs. Northking Information 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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