Correlation Between Fibocom Wireless and Guangdong Jinma
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By analyzing existing cross correlation between Fibocom Wireless and Guangdong Jinma Entertainment, you can compare the effects of market volatilities on Fibocom Wireless and Guangdong Jinma 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 Guangdong Jinma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and Guangdong Jinma.
Diversification Opportunities for Fibocom Wireless and Guangdong Jinma
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Fibocom and Guangdong is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and Guangdong Jinma Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jinma Ente 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 Guangdong Jinma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jinma Ente has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and Guangdong Jinma go up and down completely randomly.
Pair Corralation between Fibocom Wireless and Guangdong Jinma
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 1.65 times more return on investment than Guangdong Jinma. However, Fibocom Wireless is 1.65 times more volatile than Guangdong Jinma Entertainment. It trades about 0.13 of its potential returns per unit of risk. Guangdong Jinma Entertainment is currently generating about -0.03 per unit of risk. If you would invest 1,813 in Fibocom Wireless on October 18, 2024 and sell it today you would earn a total of 208.00 from holding Fibocom Wireless or generate 11.47% 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. Guangdong Jinma Entertainment
Performance |
| Timeline |
| Fibocom Wireless |
| Guangdong Jinma Ente |
Fibocom Wireless and Guangdong Jinma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and Guangdong Jinma
The main advantage of trading using opposite Fibocom Wireless and Guangdong Jinma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, Guangdong Jinma 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 Guangdong Jinma will offset losses from the drop in Guangdong Jinma's long position.| Fibocom Wireless vs. Chongqing Brewery Co | Fibocom Wireless vs. Qingdao Foods Co | Fibocom Wireless vs. SSAW Hotels Resorts | Fibocom Wireless vs. Zhejiang Kingland Pipeline |
| Guangdong Jinma vs. Iat Automobile Technology | Guangdong Jinma vs. Advanced Technology Materials | Guangdong Jinma vs. Chongqing Sulian Plastic | Guangdong Jinma vs. Fibocom Wireless |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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