Correlation Between Fibocom Wireless and Beijing Kingsoft
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By analyzing existing cross correlation between Fibocom Wireless and Beijing Kingsoft Office, you can compare the effects of market volatilities on Fibocom Wireless and Beijing Kingsoft 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 Beijing Kingsoft. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and Beijing Kingsoft.
Diversification Opportunities for Fibocom Wireless and Beijing Kingsoft
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Fibocom and Beijing is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and Beijing Kingsoft Office in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kingsoft Office 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 Beijing Kingsoft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kingsoft Office has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and Beijing Kingsoft go up and down completely randomly.
Pair Corralation between Fibocom Wireless and Beijing Kingsoft
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 0.99 times more return on investment than Beijing Kingsoft. However, Fibocom Wireless is 1.01 times less risky than Beijing Kingsoft. It trades about 0.05 of its potential returns per unit of risk. Beijing Kingsoft Office is currently generating about 0.01 per unit of risk. If you would invest 1,733 in Fibocom Wireless on October 25, 2024 and sell it today you would earn a total of 1,077 from holding Fibocom Wireless or generate 62.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Fibocom Wireless vs. Beijing Kingsoft Office
Performance |
| Timeline |
| Fibocom Wireless |
| Beijing Kingsoft Office |
Fibocom Wireless and Beijing Kingsoft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and Beijing Kingsoft
The main advantage of trading using opposite Fibocom Wireless and Beijing Kingsoft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, Beijing Kingsoft 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 Beijing Kingsoft will offset losses from the drop in Beijing Kingsoft's long position.| Fibocom Wireless vs. Kweichow Moutai Co | Fibocom Wireless vs. NAURA Technology Group | Fibocom Wireless vs. APT Medical | Fibocom Wireless vs. BYD Co Ltd |
| Beijing Kingsoft vs. Kweichow Moutai Co | Beijing Kingsoft vs. NAURA Technology Group | Beijing Kingsoft vs. APT Medical | Beijing Kingsoft vs. BYD Co Ltd |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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