Correlation Between FSPG Hi and Zhejiang JIULI
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By analyzing existing cross correlation between FSPG Hi Tech Co and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on FSPG Hi and Zhejiang JIULI 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 Zhejiang JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of FSPG Hi and Zhejiang JIULI.
Diversification Opportunities for FSPG Hi and Zhejiang JIULI
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between FSPG and Zhejiang is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding FSPG Hi Tech Co and Zhejiang JIULI Hi tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang JIULI Hi 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 Zhejiang JIULI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang JIULI Hi has no effect on the direction of FSPG Hi i.e., FSPG Hi and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between FSPG Hi and Zhejiang JIULI
Assuming the 90 days trading horizon FSPG Hi Tech Co is expected to under-perform the Zhejiang JIULI. In addition to that, FSPG Hi is 2.38 times more volatile than Zhejiang JIULI Hi tech. It trades about -0.3 of its total potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about 0.06 per unit of volatility. If you would invest 2,360 in Zhejiang JIULI Hi tech on October 26, 2024 and sell it today you would earn a total of 75.00 from holding Zhejiang JIULI Hi tech or generate 3.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
FSPG Hi Tech Co vs. Zhejiang JIULI Hi tech
Performance |
| Timeline |
| FSPG Hi Tech |
| Zhejiang JIULI Hi |
FSPG Hi and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FSPG Hi and Zhejiang JIULI
The main advantage of trading using opposite FSPG Hi and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FSPG Hi position performs unexpectedly, Zhejiang JIULI 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 JIULI will offset losses from the drop in Zhejiang JIULI's long position.| FSPG Hi vs. Ye Chiu Metal | FSPG Hi vs. Zhongrun Resources Investment | FSPG Hi vs. Jiaozuo Wanfang Aluminum | FSPG Hi vs. Zoje Resources Investment |
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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