Correlation Between FSPG Hi and Jiugui Liquor
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By analyzing existing cross correlation between FSPG Hi Tech Co and Jiugui Liquor Co, you can compare the effects of market volatilities on FSPG Hi and Jiugui Liquor 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 FSPG Hi with a short position of Jiugui Liquor. Check out your portfolio center. Please also check ongoing floating volatility patterns of FSPG Hi and Jiugui Liquor.
Diversification Opportunities for FSPG Hi and Jiugui Liquor
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between FSPG and Jiugui is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding FSPG Hi Tech Co and Jiugui Liquor Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiugui Liquor and FSPG Hi 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 FSPG Hi Tech Co are associated (or correlated) with Jiugui Liquor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiugui Liquor has no effect on the direction of FSPG Hi i.e., FSPG Hi and Jiugui Liquor go up and down completely randomly.
Pair Corralation between FSPG Hi and Jiugui Liquor
Assuming the 90 days trading horizon FSPG Hi Tech Co is expected to generate 1.56 times more return on investment than Jiugui Liquor. However, FSPG Hi is 1.56 times more volatile than Jiugui Liquor Co. It trades about 0.12 of its potential returns per unit of risk. Jiugui Liquor Co is currently generating about -0.04 per unit of risk. If you would invest 424.00 in FSPG Hi Tech Co on October 14, 2024 and sell it today you would earn a total of 139.00 from holding FSPG Hi Tech Co or generate 32.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
FSPG Hi Tech Co vs. Jiugui Liquor Co
Performance |
| Timeline |
| FSPG Hi Tech |
| Jiugui Liquor |
FSPG Hi and Jiugui Liquor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FSPG Hi and Jiugui Liquor
The main advantage of trading using opposite FSPG Hi and Jiugui Liquor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FSPG Hi position performs unexpectedly, Jiugui Liquor 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 Jiugui Liquor will offset losses from the drop in Jiugui Liquor's long position.| FSPG Hi vs. Shanghai Broadband Technology | FSPG Hi vs. Guilin Seamild Foods | FSPG Hi vs. Jiangsu Broadcasting Cable | FSPG Hi vs. Zhengping RoadBridge Constr |
| Jiugui Liquor vs. Western Metal Materials | Jiugui Liquor vs. FSPG Hi Tech Co | Jiugui Liquor vs. Shenyang Huitian Thermal | Jiugui Liquor vs. Ningbo Jintian Copper |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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