Correlation Between NAURA Technology and Zhejiang Cayi
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By analyzing existing cross correlation between NAURA Technology Group and Zhejiang Cayi Vacuum, you can compare the effects of market volatilities on NAURA Technology and Zhejiang Cayi 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 Zhejiang Cayi. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Zhejiang Cayi.
Diversification Opportunities for NAURA Technology and Zhejiang Cayi
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between NAURA and Zhejiang is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group and Zhejiang Cayi Vacuum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Cayi Vacuum 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 Zhejiang Cayi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Cayi Vacuum has no effect on the direction of NAURA Technology i.e., NAURA Technology and Zhejiang Cayi go up and down completely randomly.
Pair Corralation between NAURA Technology and Zhejiang Cayi
Assuming the 90 days trading horizon NAURA Technology Group is expected to generate 1.95 times more return on investment than Zhejiang Cayi. However, NAURA Technology is 1.95 times more volatile than Zhejiang Cayi Vacuum. It trades about 0.13 of its potential returns per unit of risk. Zhejiang Cayi Vacuum is currently generating about -0.15 per unit of risk. If you would invest 37,040 in NAURA Technology Group on September 8, 2025 and sell it today you would earn a total of 8,010 from holding NAURA Technology Group or generate 21.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Zhejiang Cayi Vacuum
Performance |
| Timeline |
| NAURA Technology |
| Zhejiang Cayi Vacuum |
NAURA Technology and Zhejiang Cayi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Zhejiang Cayi
The main advantage of trading using opposite NAURA Technology and Zhejiang Cayi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology position performs unexpectedly, Zhejiang Cayi 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 Zhejiang Cayi will offset losses from the drop in Zhejiang Cayi's long position.| NAURA Technology vs. Fujian Longzhou Transportation | NAURA Technology vs. Jointo Energy Investment | NAURA Technology vs. Kidswant Children Products | NAURA Technology vs. Shenzhen Topway Video |
| Zhejiang Cayi vs. Zijin Mining Group | Zhejiang Cayi vs. Wanhua Chemical Group | Zhejiang Cayi vs. Shandong Gold Mining | Zhejiang Cayi vs. Baoshan Iron Steel |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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