Correlation Between Fujian Newland and Xi An
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By analyzing existing cross correlation between Fujian Newland Computer and Xi An Triangle, you can compare the effects of market volatilities on Fujian Newland and Xi An 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 Fujian Newland with a short position of Xi An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Newland and Xi An.
Diversification Opportunities for Fujian Newland and Xi An
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fujian and 300775 is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Newland Computer and Xi An Triangle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xi An Triangle and Fujian Newland 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 Fujian Newland Computer are associated (or correlated) with Xi An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xi An Triangle has no effect on the direction of Fujian Newland i.e., Fujian Newland and Xi An go up and down completely randomly.
Pair Corralation between Fujian Newland and Xi An
Assuming the 90 days trading horizon Fujian Newland Computer is expected to generate 1.27 times more return on investment than Xi An. However, Fujian Newland is 1.27 times more volatile than Xi An Triangle. It trades about 0.17 of its potential returns per unit of risk. Xi An Triangle is currently generating about -0.09 per unit of risk. If you would invest 1,877 in Fujian Newland Computer on September 1, 2024 and sell it today you would earn a total of 260.00 from holding Fujian Newland Computer or generate 13.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Fujian Newland Computer vs. Xi An Triangle
Performance |
| Timeline |
| Fujian Newland Computer |
| Xi An Triangle |
Fujian Newland and Xi An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Newland and Xi An
The main advantage of trading using opposite Fujian Newland and Xi An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Newland position performs unexpectedly, Xi An 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 Xi An will offset losses from the drop in Xi An's long position.| Fujian Newland vs. Ming Yang Smart | Fujian Newland vs. 159681 | Fujian Newland vs. 159005 | Fujian Newland vs. Loctek Ergonomic Technology |
| Xi An vs. Fujian Newland Computer | Xi An vs. CSSC Offshore Marine | Xi An vs. Xiangyang Automobile Bearing | Xi An vs. Ningbo Fangzheng Automobile |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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