Correlation Between TuanChe ADR and Nebius Group
Can any of the company-specific risk be diversified away by investing in both TuanChe ADR and Nebius Group at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining TuanChe ADR and Nebius Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TuanChe ADR and Nebius Group NV, you can compare the effects of market volatilities on TuanChe ADR and Nebius Group 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 TuanChe ADR with a short position of Nebius Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of TuanChe ADR and Nebius Group.
Diversification Opportunities for TuanChe ADR and Nebius Group
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between TuanChe and Nebius is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding TuanChe ADR and Nebius Group NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nebius Group NV and TuanChe ADR 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 TuanChe ADR are associated (or correlated) with Nebius Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nebius Group NV has no effect on the direction of TuanChe ADR i.e., TuanChe ADR and Nebius Group go up and down completely randomly.
Pair Corralation between TuanChe ADR and Nebius Group
Allowing for the 90-day total investment horizon TuanChe ADR is expected to under-perform the Nebius Group. But the stock apears to be less risky and, when comparing its historical volatility, TuanChe ADR is 1.71 times less risky than Nebius Group. The stock trades about -0.13 of its potential returns per unit of risk. The Nebius Group NV is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 2,692 in Nebius Group NV on December 28, 2024 and sell it today you would lose (151.00) from holding Nebius Group NV or give up 5.61% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
TuanChe ADR vs. Nebius Group NV
Performance |
Timeline |
TuanChe ADR |
Nebius Group NV |
TuanChe ADR and Nebius Group Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with TuanChe ADR and Nebius Group
The main advantage of trading using opposite TuanChe ADR and Nebius Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TuanChe ADR position performs unexpectedly, Nebius Group 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 Nebius Group will offset losses from the drop in Nebius Group's long position.TuanChe ADR vs. Onfolio Holdings | TuanChe ADR vs. Starbox Group Holdings | TuanChe ADR vs. MediaAlpha | TuanChe ADR vs. Metalpha Technology Holding |
Nebius Group vs. Roblox Corp | Nebius Group vs. NH Foods Ltd | Nebius Group vs. National Beverage Corp | Nebius Group vs. Tyson Foods |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Transaction History View history of all your transactions and understand their impact on performance | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |