Correlation Between Fibocom Wireless and Yili Chuanning
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By analyzing existing cross correlation between Fibocom Wireless and Yili Chuanning Biotechnology, you can compare the effects of market volatilities on Fibocom Wireless and Yili Chuanning 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 Yili Chuanning. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and Yili Chuanning.
Diversification Opportunities for Fibocom Wireless and Yili Chuanning
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Fibocom and Yili is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and Yili Chuanning Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yili Chuanning Biote 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 Yili Chuanning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yili Chuanning Biote has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and Yili Chuanning go up and down completely randomly.
Pair Corralation between Fibocom Wireless and Yili Chuanning
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 1.13 times less return on investment than Yili Chuanning. In addition to that, Fibocom Wireless is 1.19 times more volatile than Yili Chuanning Biotechnology. It trades about 0.02 of its total potential returns per unit of risk. Yili Chuanning Biotechnology is currently generating about 0.03 per unit of volatility. If you would invest 894.00 in Yili Chuanning Biotechnology on October 16, 2024 and sell it today you would earn a total of 233.00 from holding Yili Chuanning Biotechnology or generate 26.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fibocom Wireless vs. Yili Chuanning Biotechnology
Performance |
| Timeline |
| Fibocom Wireless |
| Yili Chuanning Biote |
Fibocom Wireless and Yili Chuanning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and Yili Chuanning
The main advantage of trading using opposite Fibocom Wireless and Yili Chuanning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, Yili Chuanning 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 Yili Chuanning will offset losses from the drop in Yili Chuanning'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 |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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