Correlation Between Fujian Boss and Anhui Huaheng
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By analyzing existing cross correlation between Fujian Boss Software and Anhui Huaheng Biotechnology, you can compare the effects of market volatilities on Fujian Boss and Anhui Huaheng 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 Anhui Huaheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Boss and Anhui Huaheng.
Diversification Opportunities for Fujian Boss and Anhui Huaheng
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Fujian and Anhui is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Boss Software and Anhui Huaheng Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Huaheng Biotec 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 Anhui Huaheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Huaheng Biotec has no effect on the direction of Fujian Boss i.e., Fujian Boss and Anhui Huaheng go up and down completely randomly.
Pair Corralation between Fujian Boss and Anhui Huaheng
Assuming the 90 days trading horizon Fujian Boss Software is expected to generate 0.96 times more return on investment than Anhui Huaheng. However, Fujian Boss Software is 1.04 times less risky than Anhui Huaheng. It trades about -0.54 of its potential returns per unit of risk. Anhui Huaheng Biotechnology is currently generating about -0.55 per unit of risk. If you would invest 1,775 in Fujian Boss Software on October 11, 2024 and sell it today you would lose (398.00) from holding Fujian Boss Software or give up 22.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Boss Software vs. Anhui Huaheng Biotechnology
Performance |
| Timeline |
| Fujian Boss Software |
| Anhui Huaheng Biotec |
Fujian Boss and Anhui Huaheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Boss and Anhui Huaheng
The main advantage of trading using opposite Fujian Boss and Anhui Huaheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Boss position performs unexpectedly, Anhui Huaheng 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 Anhui Huaheng will offset losses from the drop in Anhui Huaheng'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 |
| Anhui Huaheng vs. Dareway Software Co | Anhui Huaheng vs. Jiangsu GDK Biotechnology | Anhui Huaheng vs. Guangdong Marubi Biotechnology | Anhui Huaheng vs. Glodon Software Co |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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