Correlation Between Fujian Boss and Wuhan Hvsen
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By analyzing existing cross correlation between Fujian Boss Software and Wuhan Hvsen Biotechnology, you can compare the effects of market volatilities on Fujian Boss and Wuhan Hvsen 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 Wuhan Hvsen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Boss and Wuhan Hvsen.
Diversification Opportunities for Fujian Boss and Wuhan Hvsen
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fujian and Wuhan is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Boss Software and Wuhan Hvsen Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Hvsen Biotechnology 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 Wuhan Hvsen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Hvsen Biotechnology has no effect on the direction of Fujian Boss i.e., Fujian Boss and Wuhan Hvsen go up and down completely randomly.
Pair Corralation between Fujian Boss and Wuhan Hvsen
Assuming the 90 days trading horizon Fujian Boss Software is expected to under-perform the Wuhan Hvsen. But the stock apears to be less risky and, when comparing its historical volatility, Fujian Boss Software is 1.29 times less risky than Wuhan Hvsen. The stock trades about -0.54 of its potential returns per unit of risk. The Wuhan Hvsen Biotechnology is currently generating about -0.41 of returns per unit of risk over similar time horizon. If you would invest 1,233 in Wuhan Hvsen Biotechnology on October 11, 2024 and sell it today you would lose (271.00) from holding Wuhan Hvsen Biotechnology or give up 21.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Boss Software vs. Wuhan Hvsen Biotechnology
Performance |
| Timeline |
| Fujian Boss Software |
| Wuhan Hvsen Biotechnology |
Fujian Boss and Wuhan Hvsen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Boss and Wuhan Hvsen
The main advantage of trading using opposite Fujian Boss and Wuhan Hvsen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Boss position performs unexpectedly, Wuhan Hvsen 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 Wuhan Hvsen will offset losses from the drop in Wuhan Hvsen'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 |
| Wuhan Hvsen vs. Wuhan Yangtze Communication | Wuhan Hvsen vs. Jiangxi Hengda Hi Tech | Wuhan Hvsen vs. Giantec Semiconductor Corp | Wuhan Hvsen vs. Suzhou Oriental Semiconductor |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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