Correlation Between Chenzhou Jingui and Fujian Boss
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By analyzing existing cross correlation between Chenzhou Jingui Silver and Fujian Boss Software, you can compare the effects of market volatilities on Chenzhou Jingui and Fujian Boss 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 Chenzhou Jingui with a short position of Fujian Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chenzhou Jingui and Fujian Boss.
Diversification Opportunities for Chenzhou Jingui and Fujian Boss
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Chenzhou and Fujian is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Chenzhou Jingui Silver and Fujian Boss Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Boss Software and Chenzhou Jingui 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 Chenzhou Jingui Silver are associated (or correlated) with Fujian Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Boss Software has no effect on the direction of Chenzhou Jingui i.e., Chenzhou Jingui and Fujian Boss go up and down completely randomly.
Pair Corralation between Chenzhou Jingui and Fujian Boss
Assuming the 90 days trading horizon Chenzhou Jingui Silver is expected to generate 1.02 times more return on investment than Fujian Boss. However, Chenzhou Jingui is 1.02 times more volatile than Fujian Boss Software. It trades about 0.02 of its potential returns per unit of risk. Fujian Boss Software is currently generating about 0.0 per unit of risk. If you would invest 316.00 in Chenzhou Jingui Silver on November 1, 2024 and sell it today you would earn a total of 30.00 from holding Chenzhou Jingui Silver or generate 9.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chenzhou Jingui Silver vs. Fujian Boss Software
Performance |
| Timeline |
| Chenzhou Jingui Silver |
| Fujian Boss Software |
Chenzhou Jingui and Fujian Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chenzhou Jingui and Fujian Boss
The main advantage of trading using opposite Chenzhou Jingui and Fujian Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chenzhou Jingui position performs unexpectedly, Fujian Boss 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 Boss will offset losses from the drop in Fujian Boss' long position.| Chenzhou Jingui vs. Hefei Metalforming Mach | Chenzhou Jingui vs. Pengxin International Mining | Chenzhou Jingui vs. Shandong Intco Medical | Chenzhou Jingui vs. Shenzhen Glory Medical |
| Fujian Boss vs. Dhc Software Co | Fujian Boss vs. Hangzhou Minsheng Healthcare | Fujian Boss vs. Kangping Technology Co | Fujian Boss vs. Cabio Biotech Wuhan |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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