Correlation Between Fibocom Wireless and XinJiang GuoTong
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By analyzing existing cross correlation between Fibocom Wireless and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Fibocom Wireless and XinJiang GuoTong 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 XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and XinJiang GuoTong.
Diversification Opportunities for Fibocom Wireless and XinJiang GuoTong
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Fibocom and XinJiang is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and XinJiang GuoTong Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XinJiang GuoTong Pipeline 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 XinJiang GuoTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XinJiang GuoTong Pipeline has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Fibocom Wireless and XinJiang GuoTong
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 0.99 times more return on investment than XinJiang GuoTong. However, Fibocom Wireless is 1.01 times less risky than XinJiang GuoTong. It trades about 0.03 of its potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about -0.26 per unit of risk. If you would invest 1,834 in Fibocom Wireless on October 16, 2024 and sell it today you would earn a total of 23.00 from holding Fibocom Wireless or generate 1.25% 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. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| Fibocom Wireless |
| XinJiang GuoTong Pipeline |
Fibocom Wireless and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and XinJiang GuoTong
The main advantage of trading using opposite Fibocom Wireless and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, XinJiang GuoTong 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 XinJiang GuoTong will offset losses from the drop in XinJiang GuoTong's long position.| Fibocom Wireless vs. Xiangyang Automobile Bearing | Fibocom Wireless vs. Yingde Greatchem Chemicals | Fibocom Wireless vs. Do Fluoride Chemicals Co | Fibocom Wireless vs. Yindu Kitchen Equipment |
| XinJiang GuoTong vs. Guangdong Transtek Medical | XinJiang GuoTong vs. Dongguan Tarry Electronics | XinJiang GuoTong vs. CareRay Digital Medical | XinJiang GuoTong vs. Allmed Medical Products |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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