Correlation Between Tieling Newcity and Sihui Fuji
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By analyzing existing cross correlation between Tieling Newcity Investment and Sihui Fuji Electronics, you can compare the effects of market volatilities on Tieling Newcity and Sihui Fuji 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 Tieling Newcity with a short position of Sihui Fuji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tieling Newcity and Sihui Fuji.
Diversification Opportunities for Tieling Newcity and Sihui Fuji
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Tieling and Sihui is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Tieling Newcity Investment and Sihui Fuji Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sihui Fuji Electronics and Tieling Newcity 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 Tieling Newcity Investment are associated (or correlated) with Sihui Fuji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sihui Fuji Electronics has no effect on the direction of Tieling Newcity i.e., Tieling Newcity and Sihui Fuji go up and down completely randomly.
Pair Corralation between Tieling Newcity and Sihui Fuji
Assuming the 90 days trading horizon Tieling Newcity Investment is expected to generate 0.88 times more return on investment than Sihui Fuji. However, Tieling Newcity Investment is 1.14 times less risky than Sihui Fuji. It trades about 0.22 of its potential returns per unit of risk. Sihui Fuji Electronics is currently generating about 0.04 per unit of risk. If you would invest 223.00 in Tieling Newcity Investment on October 14, 2024 and sell it today you would earn a total of 101.00 from holding Tieling Newcity Investment or generate 45.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tieling Newcity Investment vs. Sihui Fuji Electronics
Performance |
| Timeline |
| Tieling Newcity Inve |
| Sihui Fuji Electronics |
Tieling Newcity and Sihui Fuji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tieling Newcity and Sihui Fuji
The main advantage of trading using opposite Tieling Newcity and Sihui Fuji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tieling Newcity position performs unexpectedly, Sihui Fuji 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 Sihui Fuji will offset losses from the drop in Sihui Fuji's long position.| Tieling Newcity vs. Lutian Machinery Co | Tieling Newcity vs. Shenzhen Zhongzhuang Construction | Tieling Newcity vs. Panda Dairy Corp | Tieling Newcity vs. Xingguang Agricultural Mach |
| Sihui Fuji vs. Huizhou Speed Wireless | Sihui Fuji vs. Haima Automobile Group | Sihui Fuji vs. Iat Automobile Technology | Sihui Fuji vs. Guangdong Jingyi Metal |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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