Correlation Between Fujian Boss and Cangzhou Mingzhu
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By analyzing existing cross correlation between Fujian Boss Software and Cangzhou Mingzhu Plastic, you can compare the effects of market volatilities on Fujian Boss and Cangzhou Mingzhu 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 Boss with a short position of Cangzhou Mingzhu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Boss and Cangzhou Mingzhu.
Diversification Opportunities for Fujian Boss and Cangzhou Mingzhu
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fujian and Cangzhou is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Boss Software and Cangzhou Mingzhu Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cangzhou Mingzhu Plastic and Fujian Boss 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 Boss Software are associated (or correlated) with Cangzhou Mingzhu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cangzhou Mingzhu Plastic has no effect on the direction of Fujian Boss i.e., Fujian Boss and Cangzhou Mingzhu go up and down completely randomly.
Pair Corralation between Fujian Boss and Cangzhou Mingzhu
Assuming the 90 days trading horizon Fujian Boss Software is expected to generate 1.47 times more return on investment than Cangzhou Mingzhu. However, Fujian Boss is 1.47 times more volatile than Cangzhou Mingzhu Plastic. It trades about 0.03 of its potential returns per unit of risk. Cangzhou Mingzhu Plastic is currently generating about 0.01 per unit of risk. If you would invest 1,337 in Fujian Boss Software on November 3, 2024 and sell it today you would earn a total of 113.00 from holding Fujian Boss Software or generate 8.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Boss Software vs. Cangzhou Mingzhu Plastic
Performance |
| Timeline |
| Fujian Boss Software |
| Cangzhou Mingzhu Plastic |
Fujian Boss and Cangzhou Mingzhu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Boss and Cangzhou Mingzhu
The main advantage of trading using opposite Fujian Boss and Cangzhou Mingzhu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Boss position performs unexpectedly, Cangzhou Mingzhu 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 Cangzhou Mingzhu will offset losses from the drop in Cangzhou Mingzhu's long position.| Fujian Boss vs. Agricultural Bank of | Fujian Boss vs. Sinomach Automobile Co | Fujian Boss vs. GRG Banking Equipment | Fujian Boss vs. Wuhan Yangtze Communication |
| Cangzhou Mingzhu vs. Zhejiang Kingland Pipeline | Cangzhou Mingzhu vs. Ming Yang Smart | Cangzhou Mingzhu vs. Loctek Ergonomic Technology | Cangzhou Mingzhu vs. Hwabao WP CSI |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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