Correlation Between Fibocom Wireless and Jiangnan Mould
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By analyzing existing cross correlation between Fibocom Wireless and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Fibocom Wireless and Jiangnan Mould 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 Fibocom Wireless with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and Jiangnan Mould.
Diversification Opportunities for Fibocom Wireless and Jiangnan Mould
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Fibocom and Jiangnan is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and Jiangnan Mould Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangnan Mould Plastic and Fibocom Wireless 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 Fibocom Wireless are associated (or correlated) with Jiangnan Mould. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangnan Mould Plastic has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Fibocom Wireless and Jiangnan Mould
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 2.25 times more return on investment than Jiangnan Mould. However, Fibocom Wireless is 2.25 times more volatile than Jiangnan Mould Plastic. It trades about 0.05 of its potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about -0.29 per unit of risk. If you would invest 1,819 in Fibocom Wireless on October 11, 2024 and sell it today you would earn a total of 59.00 from holding Fibocom Wireless or generate 3.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fibocom Wireless vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Fibocom Wireless |
| Jiangnan Mould Plastic |
Fibocom Wireless and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and Jiangnan Mould
The main advantage of trading using opposite Fibocom Wireless and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, Jiangnan Mould 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 Jiangnan Mould will offset losses from the drop in Jiangnan Mould's long position.| Fibocom Wireless vs. Nexchip Semiconductor Corp | Fibocom Wireless vs. V V Food | Fibocom Wireless vs. Yankershop Food Co | Fibocom Wireless vs. Eastroc Beverage Group |
| Jiangnan Mould vs. Nuode Investment Co | Jiangnan Mould vs. Harbin Hatou Investment | Jiangnan Mould vs. Vanfund Urban Investment | Jiangnan Mould vs. China Asset Management |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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