Correlation Between FSPG Hi and Guangdong Silvere
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By analyzing existing cross correlation between FSPG Hi Tech Co and Guangdong Silvere Sci, you can compare the effects of market volatilities on FSPG Hi and Guangdong Silvere 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 Guangdong Silvere. Check out your portfolio center. Please also check ongoing floating volatility patterns of FSPG Hi and Guangdong Silvere.
Diversification Opportunities for FSPG Hi and Guangdong Silvere
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between FSPG and Guangdong is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding FSPG Hi Tech Co and Guangdong Silvere Sci in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Silvere Sci 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 Guangdong Silvere. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Silvere Sci has no effect on the direction of FSPG Hi i.e., FSPG Hi and Guangdong Silvere go up and down completely randomly.
Pair Corralation between FSPG Hi and Guangdong Silvere
Assuming the 90 days trading horizon FSPG Hi Tech Co is expected to under-perform the Guangdong Silvere. But the stock apears to be less risky and, when comparing its historical volatility, FSPG Hi Tech Co is 1.1 times less risky than Guangdong Silvere. The stock trades about -0.31 of its potential returns per unit of risk. The Guangdong Silvere Sci is currently generating about -0.23 of returns per unit of risk over similar time horizon. If you would invest 668.00 in Guangdong Silvere Sci on October 17, 2024 and sell it today you would lose (110.00) from holding Guangdong Silvere Sci or give up 16.47% of portfolio value 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. Guangdong Silvere Sci
Performance |
| Timeline |
| FSPG Hi Tech |
| Guangdong Silvere Sci |
FSPG Hi and Guangdong Silvere Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FSPG Hi and Guangdong Silvere
The main advantage of trading using opposite FSPG Hi and Guangdong Silvere positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FSPG Hi position performs unexpectedly, Guangdong Silvere 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 Guangdong Silvere will offset losses from the drop in Guangdong Silvere's long position.| FSPG Hi vs. Zijin Mining Group | FSPG Hi vs. Wanhua Chemical Group | FSPG Hi vs. Baoshan Iron Steel | FSPG Hi vs. Shandong Gold Mining |
| Guangdong Silvere vs. Sichuan Jinshi Technology | Guangdong Silvere vs. FSPG Hi Tech Co | Guangdong Silvere vs. Guangdong Shenglu Telecommunication | Guangdong Silvere vs. Shanghai Shibei Hi Tech |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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