Correlation Between FSPG Hi and Jiangsu Broadcasting
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By analyzing existing cross correlation between FSPG Hi Tech Co and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on FSPG Hi and Jiangsu Broadcasting 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 Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of FSPG Hi and Jiangsu Broadcasting.
Diversification Opportunities for FSPG Hi and Jiangsu Broadcasting
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between FSPG and Jiangsu is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding FSPG Hi Tech Co and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting 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 Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of FSPG Hi i.e., FSPG Hi and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between FSPG Hi and Jiangsu Broadcasting
Assuming the 90 days trading horizon FSPG Hi Tech Co is expected to under-perform the Jiangsu Broadcasting. In addition to that, FSPG Hi is 1.39 times more volatile than Jiangsu Broadcasting Cable. It trades about -0.3 of its total potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about -0.08 per unit of volatility. If you would invest 348.00 in Jiangsu Broadcasting Cable on October 26, 2024 and sell it today you would lose (31.00) from holding Jiangsu Broadcasting Cable or give up 8.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
FSPG Hi Tech Co vs. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| FSPG Hi Tech |
| Jiangsu Broadcasting |
FSPG Hi and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FSPG Hi and Jiangsu Broadcasting
The main advantage of trading using opposite FSPG Hi and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FSPG Hi position performs unexpectedly, Jiangsu Broadcasting 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 Jiangsu Broadcasting will offset losses from the drop in Jiangsu Broadcasting'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 |
| Jiangsu Broadcasting vs. Agricultural Bank of | Jiangsu Broadcasting vs. Industrial and Commercial | Jiangsu Broadcasting vs. Bank of China | Jiangsu Broadcasting vs. China Construction Bank |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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