Correlation Between Nanya New and Cowealth Medical
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By analyzing existing cross correlation between Nanya New Material and Cowealth Medical China, you can compare the effects of market volatilities on Nanya New and Cowealth Medical 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 Nanya New with a short position of Cowealth Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanya New and Cowealth Medical.
Diversification Opportunities for Nanya New and Cowealth Medical
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nanya and Cowealth is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Nanya New Material and Cowealth Medical China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cowealth Medical China and Nanya New 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 Nanya New Material are associated (or correlated) with Cowealth Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cowealth Medical China has no effect on the direction of Nanya New i.e., Nanya New and Cowealth Medical go up and down completely randomly.
Pair Corralation between Nanya New and Cowealth Medical
Assuming the 90 days trading horizon Nanya New is expected to generate 2.01 times less return on investment than Cowealth Medical. In addition to that, Nanya New is 1.12 times more volatile than Cowealth Medical China. It trades about 0.05 of its total potential returns per unit of risk. Cowealth Medical China is currently generating about 0.11 per unit of volatility. If you would invest 593.00 in Cowealth Medical China on September 26, 2024 and sell it today you would earn a total of 130.00 from holding Cowealth Medical China or generate 21.92% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Nanya New Material vs. Cowealth Medical China
Performance |
Timeline |
Nanya New Material |
Cowealth Medical China |
Nanya New and Cowealth Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nanya New and Cowealth Medical
The main advantage of trading using opposite Nanya New and Cowealth Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanya New position performs unexpectedly, Cowealth Medical 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 Cowealth Medical will offset losses from the drop in Cowealth Medical's long position.Nanya New vs. Industrial and Commercial | ||
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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 Stocks Directory module to find actively traded stocks across global markets.
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