Correlation Between Tongyu Communication and Fujian Boss
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By analyzing existing cross correlation between Tongyu Communication and Fujian Boss Software, you can compare the effects of market volatilities on Tongyu Communication 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 Tongyu Communication with a short position of Fujian Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tongyu Communication and Fujian Boss.
Diversification Opportunities for Tongyu Communication and Fujian Boss
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Tongyu and Fujian is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Tongyu Communication 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 Tongyu Communication 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 Tongyu Communication 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 Tongyu Communication i.e., Tongyu Communication and Fujian Boss go up and down completely randomly.
Pair Corralation between Tongyu Communication and Fujian Boss
Assuming the 90 days trading horizon Tongyu Communication is expected to generate 1.43 times more return on investment than Fujian Boss. However, Tongyu Communication is 1.43 times more volatile than Fujian Boss Software. It trades about 0.04 of its potential returns per unit of risk. Fujian Boss Software is currently generating about -0.01 per unit of risk. If you would invest 887.00 in Tongyu Communication on October 16, 2024 and sell it today you would earn a total of 527.00 from holding Tongyu Communication or generate 59.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tongyu Communication vs. Fujian Boss Software
Performance |
| Timeline |
| Tongyu Communication |
| Fujian Boss Software |
Tongyu Communication and Fujian Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tongyu Communication and Fujian Boss
The main advantage of trading using opposite Tongyu Communication and Fujian Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tongyu Communication 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.| Tongyu Communication vs. Cicc Fund Management | Tongyu Communication vs. Shenzhen Topway Video | Tongyu Communication vs. Cangzhou Mingzhu Plastic | Tongyu Communication vs. Orinko Advanced Plastics |
| Fujian Boss vs. HaiXin Foods Co | Fujian Boss vs. Chengtun Mining Group | Fujian Boss vs. Shengda Mining Co | Fujian Boss vs. Jiajia Food Group |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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