Correlation Between Fibocom Wireless and Beijing Roborock
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By analyzing existing cross correlation between Fibocom Wireless and Beijing Roborock Technology, you can compare the effects of market volatilities on Fibocom Wireless and Beijing Roborock 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 Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fibocom Wireless and Beijing Roborock.
Diversification Opportunities for Fibocom Wireless and Beijing Roborock
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fibocom and Beijing is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Fibocom Wireless and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Fibocom Wireless i.e., Fibocom Wireless and Beijing Roborock go up and down completely randomly.
Pair Corralation between Fibocom Wireless and Beijing Roborock
Assuming the 90 days trading horizon Fibocom Wireless is expected to generate 1.03 times more return on investment than Beijing Roborock. However, Fibocom Wireless is 1.03 times more volatile than Beijing Roborock Technology. It trades about 0.04 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about -0.01 per unit of risk. If you would invest 1,602 in Fibocom Wireless on October 14, 2024 and sell it today you would earn a total of 295.00 from holding Fibocom Wireless or generate 18.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fibocom Wireless vs. Beijing Roborock Technology
Performance |
| Timeline |
| Fibocom Wireless |
| Beijing Roborock Tec |
Fibocom Wireless and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fibocom Wireless and Beijing Roborock
The main advantage of trading using opposite Fibocom Wireless and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fibocom Wireless position performs unexpectedly, Beijing Roborock 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 Roborock will offset losses from the drop in Beijing Roborock's long position.| Fibocom Wireless vs. Touchstone International Medical | Fibocom Wireless vs. StarPower Semiconductor | Fibocom Wireless vs. Shenzhen Glory Medical | Fibocom Wireless vs. Eyebright Medical Technology |
| Beijing Roborock vs. Air China Ltd | Beijing Roborock vs. MayAir Technology Co | Beijing Roborock vs. Silkroad Visual Technology | Beijing Roborock vs. Shaanxi Meineng Clean |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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