Correlation Between Fibocom Wireless and Harbin Air
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By analyzing existing cross correlation between Fibocom Wireless and Harbin Air Conditioning, you can compare the effects of market volatilities on Fibocom Wireless and Harbin Air 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 Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and Harbin Air.
Diversification Opportunities for Fibocom Wireless and Harbin Air
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fibocom and Harbin is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning 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 Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and Harbin Air go up and down completely randomly.
Pair Corralation between Fibocom Wireless and Harbin Air
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 1.29 times more return on investment than Harbin Air. However, Fibocom Wireless is 1.29 times more volatile than Harbin Air Conditioning. It trades about 0.05 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.0 per unit of risk. If you would invest 1,726 in Fibocom Wireless on October 27, 2024 and sell it today you would earn a total of 1,309 from holding Fibocom Wireless or generate 75.84% 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. Harbin Air Conditioning
Performance |
| Timeline |
| Fibocom Wireless |
| Harbin Air Conditioning |
Fibocom Wireless and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and Harbin Air
The main advantage of trading using opposite Fibocom Wireless and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| Fibocom Wireless vs. PKU HealthCare Corp | Fibocom Wireless vs. Shandong Sinoglory Health | Fibocom Wireless vs. Central Plains Environment | Fibocom Wireless vs. Eit Environmental Development |
| Harbin Air vs. Haima Automobile Group | Harbin Air vs. Quectel Wireless Solutions | Harbin Air vs. Wuxi Xuelang Environmental | Harbin Air vs. Jilin Jlu Communication |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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