Correlation Between Fibocom Wireless and Ming Yang
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By analyzing existing cross correlation between Fibocom Wireless and Ming Yang Smart, you can compare the effects of market volatilities on Fibocom Wireless and Ming Yang 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 Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and Ming Yang.
Diversification Opportunities for Fibocom Wireless and Ming Yang
0.99 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Fibocom and Ming is 0.99. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and Ming Yang Smart in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ming Yang Smart 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 Ming Yang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ming Yang Smart has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and Ming Yang go up and down completely randomly.
Pair Corralation between Fibocom Wireless and Ming Yang
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 1.63 times more return on investment than Ming Yang. However, Fibocom Wireless is 1.63 times more volatile than Ming Yang Smart. It trades about 0.15 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.2 per unit of risk. If you would invest 1,262 in Fibocom Wireless on August 28, 2024 and sell it today you would earn a total of 390.00 from holding Fibocom Wireless or generate 30.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fibocom Wireless vs. Ming Yang Smart
Performance |
| Timeline |
| Fibocom Wireless |
| Ming Yang Smart |
Fibocom Wireless and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and Ming Yang
The main advantage of trading using opposite Fibocom Wireless and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, Ming Yang 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 Ming Yang will offset losses from the drop in Ming Yang's long position.| Fibocom Wireless vs. Marssenger Kitchenware Co | Fibocom Wireless vs. Shaanxi Energy Investment | Fibocom Wireless vs. Yindu Kitchen Equipment | Fibocom Wireless vs. Vanfund Urban Investment |
| Ming Yang vs. Hubei Xingfa Chemicals | Ming Yang vs. JCHX Mining Management | Ming Yang vs. Nexchip Semiconductor Corp | Ming Yang vs. Uroica Mining Safety |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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