Correlation Between Firan Technology and Bilibili
Can any of the company-specific risk be diversified away by investing in both Firan Technology and Bilibili at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Firan Technology and Bilibili into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Firan Technology Group and Bilibili, you can compare the effects of market volatilities on Firan Technology and Bilibili 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 Firan Technology with a short position of Bilibili. Check out your portfolio center. Please also check ongoing floating volatility patterns of Firan Technology and Bilibili.
Diversification Opportunities for Firan Technology and Bilibili
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Firan and Bilibili is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Firan Technology Group and Bilibili in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bilibili and Firan Technology 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 Firan Technology Group are associated (or correlated) with Bilibili. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bilibili has no effect on the direction of Firan Technology i.e., Firan Technology and Bilibili go up and down completely randomly.
Pair Corralation between Firan Technology and Bilibili
If you would invest 448.00 in Firan Technology Group on October 24, 2024 and sell it today you would earn a total of 32.00 from holding Firan Technology Group or generate 7.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.67% |
| Values | Daily Returns |
Firan Technology Group vs. Bilibili
Performance |
| Timeline |
| Firan Technology |
| Bilibili |
Firan Technology and Bilibili Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Firan Technology and Bilibili
The main advantage of trading using opposite Firan Technology and Bilibili positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Firan Technology position performs unexpectedly, Bilibili 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 Bilibili will offset losses from the drop in Bilibili's long position.| Firan Technology vs. ZURICH INSURANCE GROUP | Firan Technology vs. QBE Insurance Group | Firan Technology vs. PICKN PAY STORES | Firan Technology vs. Burlington Stores |
| Bilibili vs. GEELY AUTOMOBILE | Bilibili vs. INTER CARS SA | Bilibili vs. SMA Solar Technology | Bilibili vs. Computershare Limited |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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