Correlation Between Fujian Boss and Jiangsu Bioperfectus
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By analyzing existing cross correlation between Fujian Boss Software and Jiangsu Bioperfectus Technologies, you can compare the effects of market volatilities on Fujian Boss and Jiangsu Bioperfectus 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 Jiangsu Bioperfectus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Boss and Jiangsu Bioperfectus.
Diversification Opportunities for Fujian Boss and Jiangsu Bioperfectus
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Fujian and Jiangsu is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Boss Software and Jiangsu Bioperfectus Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Bioperfectus 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 Jiangsu Bioperfectus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Bioperfectus has no effect on the direction of Fujian Boss i.e., Fujian Boss and Jiangsu Bioperfectus go up and down completely randomly.
Pair Corralation between Fujian Boss and Jiangsu Bioperfectus
Assuming the 90 days trading horizon Fujian Boss Software is expected to generate 1.24 times more return on investment than Jiangsu Bioperfectus. However, Fujian Boss is 1.24 times more volatile than Jiangsu Bioperfectus Technologies. It trades about 0.08 of its potential returns per unit of risk. Jiangsu Bioperfectus Technologies is currently generating about 0.05 per unit of risk. If you would invest 1,416 in Fujian Boss Software on November 5, 2024 and sell it today you would earn a total of 34.00 from holding Fujian Boss Software or generate 2.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Boss Software vs. Jiangsu Bioperfectus Technolog
Performance |
| Timeline |
| Fujian Boss Software |
| Jiangsu Bioperfectus |
Fujian Boss and Jiangsu Bioperfectus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Boss and Jiangsu Bioperfectus
The main advantage of trading using opposite Fujian Boss and Jiangsu Bioperfectus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Boss position performs unexpectedly, Jiangsu Bioperfectus 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 Jiangsu Bioperfectus will offset losses from the drop in Jiangsu Bioperfectus' long position.| Fujian Boss vs. Sinofibers Technology Co | Fujian Boss vs. Beijing Kingsoft Office | Fujian Boss vs. China Life Insurance | Fujian Boss vs. Linktel Technologies Co |
| Jiangsu Bioperfectus vs. Zhongrun Resources Investment | Jiangsu Bioperfectus vs. Ligao Foods CoLtd | Jiangsu Bioperfectus vs. Zhejiang Huatong Meat | Jiangsu Bioperfectus vs. Harson Trading China |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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