Correlation Between Penghua Shenzhen and Niutech Environment
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By analyzing existing cross correlation between Penghua Shenzhen Energy and Niutech Environment Technology, you can compare the effects of market volatilities on Penghua Shenzhen and Niutech Environment 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 Penghua Shenzhen with a short position of Niutech Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Penghua Shenzhen and Niutech Environment.
Diversification Opportunities for Penghua Shenzhen and Niutech Environment
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Penghua and Niutech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Penghua Shenzhen Energy and Niutech Environment Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Niutech Environment and Penghua Shenzhen 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 Penghua Shenzhen Energy are associated (or correlated) with Niutech Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Niutech Environment has no effect on the direction of Penghua Shenzhen i.e., Penghua Shenzhen and Niutech Environment go up and down completely randomly.
Pair Corralation between Penghua Shenzhen and Niutech Environment
Assuming the 90 days trading horizon Penghua Shenzhen Energy is expected to generate 0.36 times more return on investment than Niutech Environment. However, Penghua Shenzhen Energy is 2.74 times less risky than Niutech Environment. It trades about 0.01 of its potential returns per unit of risk. Niutech Environment Technology is currently generating about -0.02 per unit of risk. If you would invest 618.00 in Penghua Shenzhen Energy on September 25, 2024 and sell it today you would earn a total of 8.00 from holding Penghua Shenzhen Energy or generate 1.29% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 99.78% |
Values | Daily Returns |
Penghua Shenzhen Energy vs. Niutech Environment Technology
Performance |
Timeline |
Penghua Shenzhen Energy |
Niutech Environment |
Penghua Shenzhen and Niutech Environment Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Penghua Shenzhen and Niutech Environment
The main advantage of trading using opposite Penghua Shenzhen and Niutech Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Penghua Shenzhen position performs unexpectedly, Niutech Environment 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 Niutech Environment will offset losses from the drop in Niutech Environment's long position.Penghua Shenzhen vs. Industrial and Commercial | Penghua Shenzhen vs. Kweichow Moutai Co | Penghua Shenzhen vs. Agricultural Bank of | Penghua Shenzhen vs. China Mobile Limited |
Niutech Environment vs. Shenzhen MYS Environmental | Niutech Environment vs. AVIC Fund Management | Niutech Environment vs. Shenzhen Bingchuan Network | Niutech Environment vs. Penghua Shenzhen Energy |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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