Correlation Between Fibocom Wireless and Wonders Information
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By analyzing existing cross correlation between Fibocom Wireless and Wonders Information, you can compare the effects of market volatilities on Fibocom Wireless and Wonders Information 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 Wonders Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and Wonders Information.
Diversification Opportunities for Fibocom Wireless and Wonders Information
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fibocom and Wonders is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and Wonders Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wonders Information 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 Wonders Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wonders Information has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and Wonders Information go up and down completely randomly.
Pair Corralation between Fibocom Wireless and Wonders Information
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 1.79 times more return on investment than Wonders Information. However, Fibocom Wireless is 1.79 times more volatile than Wonders Information. It trades about 0.28 of its potential returns per unit of risk. Wonders Information is currently generating about -0.21 per unit of risk. If you would invest 1,692 in Fibocom Wireless on October 30, 2024 and sell it today you would earn a total of 1,320 from holding Fibocom Wireless or generate 78.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fibocom Wireless vs. Wonders Information
Performance |
| Timeline |
| Fibocom Wireless |
| Wonders Information |
Fibocom Wireless and Wonders Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and Wonders Information
The main advantage of trading using opposite Fibocom Wireless and Wonders Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, Wonders Information 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 Wonders Information will offset losses from the drop in Wonders Information's long position.| Fibocom Wireless vs. Sino Platinum Metals Co | Fibocom Wireless vs. Rising Nonferrous Metals | Fibocom Wireless vs. Porton Fine Chemicals | Fibocom Wireless vs. Zhejiang Yongjin Metal |
| Wonders Information vs. China Publishing Media | Wonders Information vs. COL Digital Publishing | Wonders Information vs. Tianjin Silvery Dragon | Wonders Information vs. Western Mining 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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