Correlation Between 159005 and Hunan Nanling
Specify exactly 2 symbols:
By analyzing existing cross correlation between 159005 and Hunan Nanling Industrial, you can compare the effects of market volatilities on 159005 and Hunan Nanling 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 159005 with a short position of Hunan Nanling. Check out your portfolio center. Please also check ongoing floating volatility patterns of 159005 and Hunan Nanling.
Diversification Opportunities for 159005 and Hunan Nanling
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 159005 and Hunan is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding 159005 and Hunan Nanling Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Nanling Industrial and 159005 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 159005 are associated (or correlated) with Hunan Nanling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Nanling Industrial has no effect on the direction of 159005 i.e., 159005 and Hunan Nanling go up and down completely randomly.
Pair Corralation between 159005 and Hunan Nanling
Assuming the 90 days trading horizon 159005 is expected to generate 0.01 times more return on investment than Hunan Nanling. However, 159005 is 119.44 times less risky than Hunan Nanling. It trades about 0.23 of its potential returns per unit of risk. Hunan Nanling Industrial is currently generating about -0.02 per unit of risk. If you would invest 9,970 in 159005 on July 20, 2025 and sell it today you would earn a total of 30.00 from holding 159005 or generate 0.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.33% |
| Values | Daily Returns |
159005 vs. Hunan Nanling Industrial
Performance |
| Timeline |
| 159005 |
| Hunan Nanling Industrial |
159005 and Hunan Nanling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 159005 and Hunan Nanling
The main advantage of trading using opposite 159005 and Hunan Nanling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 159005 position performs unexpectedly, Hunan Nanling 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 Hunan Nanling will offset losses from the drop in Hunan Nanling's long position.The idea behind 159005 and Hunan Nanling Industrial pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Hunan Nanling vs. Huaibei Mining Holdings | Hunan Nanling vs. Western Mining Co | Hunan Nanling vs. Runben Biotechnology Co | Hunan Nanling vs. Jinhe Biotechnology Co |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |