Correlation Between Fujian Boss and Nanxing Furniture
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By analyzing existing cross correlation between Fujian Boss Software and Nanxing Furniture Machinery, you can compare the effects of market volatilities on Fujian Boss and Nanxing Furniture 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 Nanxing Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Boss and Nanxing Furniture.
Diversification Opportunities for Fujian Boss and Nanxing Furniture
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Fujian and Nanxing is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Boss Software and Nanxing Furniture Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanxing Furniture 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 Nanxing Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanxing Furniture has no effect on the direction of Fujian Boss i.e., Fujian Boss and Nanxing Furniture go up and down completely randomly.
Pair Corralation between Fujian Boss and Nanxing Furniture
Assuming the 90 days trading horizon Fujian Boss Software is expected to under-perform the Nanxing Furniture. But the stock apears to be less risky and, when comparing its historical volatility, Fujian Boss Software is 1.57 times less risky than Nanxing Furniture. The stock trades about -0.56 of its potential returns per unit of risk. The Nanxing Furniture Machinery is currently generating about -0.19 of returns per unit of risk over similar time horizon. If you would invest 1,694 in Nanxing Furniture Machinery on October 11, 2024 and sell it today you would lose (229.00) from holding Nanxing Furniture Machinery or give up 13.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Boss Software vs. Nanxing Furniture Machinery
Performance |
| Timeline |
| Fujian Boss Software |
| Nanxing Furniture |
Fujian Boss and Nanxing Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Boss and Nanxing Furniture
The main advantage of trading using opposite Fujian Boss and Nanxing Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Boss position performs unexpectedly, Nanxing Furniture 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 Nanxing Furniture will offset losses from the drop in Nanxing Furniture's long position.| Fujian Boss vs. Anhui Tongguan Copper | Fujian Boss vs. Shanghai CEO Environmental | Fujian Boss vs. Sanbo Hospital Management | Fujian Boss vs. Harvest Fund Management |
| Nanxing Furniture vs. Sportsoul Co Ltd | Nanxing Furniture vs. Servyou Software Group | Nanxing Furniture vs. Peoples Insurance of | Nanxing Furniture 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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