Correlation Between FSPG Hi and Jahen Household
Specify exactly 2 symbols:
By analyzing existing cross correlation between FSPG Hi Tech Co and Jahen Household Products, you can compare the effects of market volatilities on FSPG Hi and Jahen Household 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 Jahen Household. Check out your portfolio center. Please also check ongoing floating volatility patterns of FSPG Hi and Jahen Household.
Diversification Opportunities for FSPG Hi and Jahen Household
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between FSPG and Jahen is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding FSPG Hi Tech Co and Jahen Household Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jahen Household Products 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 Jahen Household. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jahen Household Products has no effect on the direction of FSPG Hi i.e., FSPG Hi and Jahen Household go up and down completely randomly.
Pair Corralation between FSPG Hi and Jahen Household
Assuming the 90 days trading horizon FSPG Hi Tech Co is expected to generate 0.75 times more return on investment than Jahen Household. However, FSPG Hi Tech Co is 1.33 times less risky than Jahen Household. It trades about 0.05 of its potential returns per unit of risk. Jahen Household Products is currently generating about 0.0 per unit of risk. If you would invest 428.00 in FSPG Hi Tech Co on September 12, 2024 and sell it today you would earn a total of 257.00 from holding FSPG Hi Tech Co or generate 60.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.79% |
| Values | Daily Returns |
FSPG Hi Tech Co vs. Jahen Household Products
Performance |
| Timeline |
| FSPG Hi Tech |
| Jahen Household Products |
FSPG Hi and Jahen Household Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FSPG Hi and Jahen Household
The main advantage of trading using opposite FSPG Hi and Jahen Household positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FSPG Hi position performs unexpectedly, Jahen Household 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 Jahen Household will offset losses from the drop in Jahen Household's long position.| FSPG Hi vs. Zijin Mining Group | FSPG Hi vs. Wanhua Chemical Group | FSPG Hi vs. Baoshan Iron Steel | FSPG Hi vs. Rongsheng Petrochemical Co |
| Jahen Household vs. ChengDu Hi Tech Development | Jahen Household vs. Guangdong Shenglu Telecommunication | Jahen Household vs. Tongyu Communication | Jahen Household vs. FSPG Hi Tech Co |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |