Correlation Between Fibocom Wireless and Shanghai Phichem
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fibocom Wireless and Shanghai Phichem Material, you can compare the effects of market volatilities on Fibocom Wireless and Shanghai Phichem 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 Shanghai Phichem. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and Shanghai Phichem.
Diversification Opportunities for Fibocom Wireless and Shanghai Phichem
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Fibocom and Shanghai is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and Shanghai Phichem Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Phichem Material 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 Shanghai Phichem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Phichem Material has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and Shanghai Phichem go up and down completely randomly.
Pair Corralation between Fibocom Wireless and Shanghai Phichem
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 1.03 times more return on investment than Shanghai Phichem. However, Fibocom Wireless is 1.03 times more volatile than Shanghai Phichem Material. It trades about 0.02 of its potential returns per unit of risk. Shanghai Phichem Material is currently generating about 0.0 per unit of risk. If you would invest 1,757 in Fibocom Wireless on October 16, 2024 and sell it today you would earn a total of 100.00 from holding Fibocom Wireless or generate 5.69% 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. Shanghai Phichem Material
Performance |
| Timeline |
| Fibocom Wireless |
| Shanghai Phichem Material |
Fibocom Wireless and Shanghai Phichem Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and Shanghai Phichem
The main advantage of trading using opposite Fibocom Wireless and Shanghai Phichem positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, Shanghai Phichem 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 Shanghai Phichem will offset losses from the drop in Shanghai Phichem'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 |
| Shanghai Phichem vs. Fujian Newland Computer | Shanghai Phichem vs. Telling Telecommunication Holding | Shanghai Phichem vs. Fibocom Wireless | Shanghai Phichem vs. Runjian Communication 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |