Correlation Between Success Electronics and Fujian Nanwang
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By analyzing existing cross correlation between Success Electronics and Fujian Nanwang Environment, you can compare the effects of market volatilities on Success Electronics and Fujian Nanwang 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 Success Electronics with a short position of Fujian Nanwang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Success Electronics and Fujian Nanwang.
Diversification Opportunities for Success Electronics and Fujian Nanwang
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Success and Fujian is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Success Electronics and Fujian Nanwang Environment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Nanwang Envir and Success Electronics 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 Success Electronics are associated (or correlated) with Fujian Nanwang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Nanwang Envir has no effect on the direction of Success Electronics i.e., Success Electronics and Fujian Nanwang go up and down completely randomly.
Pair Corralation between Success Electronics and Fujian Nanwang
Assuming the 90 days trading horizon Success Electronics is expected to generate 0.9 times more return on investment than Fujian Nanwang. However, Success Electronics is 1.11 times less risky than Fujian Nanwang. It trades about 0.17 of its potential returns per unit of risk. Fujian Nanwang Environment is currently generating about -0.11 per unit of risk. If you would invest 342.00 in Success Electronics on October 27, 2024 and sell it today you would earn a total of 35.00 from holding Success Electronics or generate 10.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Success Electronics vs. Fujian Nanwang Environment
Performance |
| Timeline |
| Success Electronics |
| Fujian Nanwang Envir |
Success Electronics and Fujian Nanwang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Success Electronics and Fujian Nanwang
The main advantage of trading using opposite Success Electronics and Fujian Nanwang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Success Electronics position performs unexpectedly, Fujian Nanwang 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 Fujian Nanwang will offset losses from the drop in Fujian Nanwang's long position.| Success Electronics vs. Guangzhou Zhujiang Brewery | Success Electronics vs. Chongqing Brewery Co | Success Electronics vs. Harbin Hatou Investment | Success Electronics vs. Beijing Yanjing Brewery |
| Fujian Nanwang vs. Zijin Mining Group | Fujian Nanwang vs. Wanhua Chemical Group | Fujian Nanwang vs. Baoshan Iron Steel | Fujian Nanwang vs. Shandong Gold Mining |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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