Correlation Analysis Between NQTH and ATX

This module allows you to analyze existing cross correlation between NQTH and ATX. You can compare the effects of market volatilities on NQTH and ATX 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 NQTH with a short position of ATX. See also your portfolio center. Please also check ongoing floating volatility patterns of NQTH and ATX.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

NQTH  vs.  ATX

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NQTH is expected to generate 1.43 times less return on investment than ATX. But when comparing it to its historical volatility, NQTH is 2.89 times less risky than ATX. It trades about 0.28 of its potential returns per unit of risk. ATX is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest  272,850  in ATX on January 20, 2019 and sell it today you would earn a total of  28,728  from holding ATX or generate 10.53% return on investment over 30 days.

Pair Corralation between NQTH and ATX

-0.49
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy97.37%
ValuesDaily Returns

Diversification Opportunities for NQTH and ATX

NQTH diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding NQTH and ATX in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ATX and NQTH 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 NQTH are associated (or correlated) with ATX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATX has no effect on the direction of NQTH i.e. NQTH and ATX go up and down completely randomly.
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See also your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.


 
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