Correlation Between Fibocom Wireless and Jinzai Food
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By analyzing existing cross correlation between Fibocom Wireless and Jinzai Food Group, you can compare the effects of market volatilities on Fibocom Wireless and Jinzai Food 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 Jinzai Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and Jinzai Food.
Diversification Opportunities for Fibocom Wireless and Jinzai Food
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Fibocom and Jinzai is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and Jinzai Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinzai Food Group 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 Jinzai Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinzai Food Group has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and Jinzai Food go up and down completely randomly.
Pair Corralation between Fibocom Wireless and Jinzai Food
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 1.53 times more return on investment than Jinzai Food. However, Fibocom Wireless is 1.53 times more volatile than Jinzai Food Group. It trades about 0.03 of its potential returns per unit of risk. Jinzai Food Group is currently generating about -0.1 per unit of risk. If you would invest 1,944 in Fibocom Wireless on October 12, 2024 and sell it today you would earn a total of 18.00 from holding Fibocom Wireless or generate 0.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fibocom Wireless vs. Jinzai Food Group
Performance |
| Timeline |
| Fibocom Wireless |
| Jinzai Food Group |
Fibocom Wireless and Jinzai Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and Jinzai Food
The main advantage of trading using opposite Fibocom Wireless and Jinzai Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, Jinzai Food 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 Jinzai Food will offset losses from the drop in Jinzai Food's long position.| Fibocom Wireless vs. Jiangsu Financial Leasing | Fibocom Wireless vs. Lonkey Industrial Co | Fibocom Wireless vs. Leyard Optoelectronic | Fibocom Wireless vs. Success Electronics |
| Jinzai Food vs. Gan Yuan Foods | Jinzai Food vs. Fibocom Wireless | Jinzai Food vs. Queclink Wireless Solutions | Jinzai Food vs. Shantou Wanshun Package |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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