Correlation Between Fujian Boss and Innovative Medical
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By analyzing existing cross correlation between Fujian Boss Software and Innovative Medical Management, you can compare the effects of market volatilities on Fujian Boss and Innovative Medical 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 Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Boss and Innovative Medical.
Diversification Opportunities for Fujian Boss and Innovative Medical
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Fujian and Innovative is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Boss Software and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical 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 Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of Fujian Boss i.e., Fujian Boss and Innovative Medical go up and down completely randomly.
Pair Corralation between Fujian Boss and Innovative Medical
Assuming the 90 days trading horizon Fujian Boss Software is expected to under-perform the Innovative Medical. But the stock apears to be less risky and, when comparing its historical volatility, Fujian Boss Software is 1.81 times less risky than Innovative Medical. The stock trades about -0.28 of its potential returns per unit of risk. The Innovative Medical Management is currently generating about -0.15 of returns per unit of risk over similar time horizon. If you would invest 992.00 in Innovative Medical Management on October 23, 2024 and sell it today you would lose (144.00) from holding Innovative Medical Management or give up 14.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Boss Software vs. Innovative Medical Management
Performance |
| Timeline |
| Fujian Boss Software |
| Innovative Medical |
Fujian Boss and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Boss and Innovative Medical
The main advantage of trading using opposite Fujian Boss and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Boss position performs unexpectedly, Innovative Medical 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| Fujian Boss vs. Zhongshan Broad Ocean Motor | Fujian Boss vs. Xinjiang Beixin RoadBridge | Fujian Boss vs. Dazhong Transportation Group | Fujian Boss vs. RoadMain T Co |
| Innovative Medical vs. Lotus Health Group | Innovative Medical vs. Meinian Onehealth Healthcare | Innovative Medical vs. Linewell Software Co | Innovative Medical vs. Fujian Boss Software |
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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