Correlation Between Yili Chuanning and Fibocom Wireless
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By analyzing existing cross correlation between Yili Chuanning Biotechnology and Fibocom Wireless, you can compare the effects of market volatilities on Yili Chuanning and Fibocom Wireless 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 Yili Chuanning with a short position of Fibocom Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and Fibocom Wireless.
Diversification Opportunities for Yili Chuanning and Fibocom Wireless
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Yili and Fibocom is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology and Fibocom Wireless in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fibocom Wireless and Yili Chuanning 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 Yili Chuanning Biotechnology are associated (or correlated) with Fibocom Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fibocom Wireless has no effect on the direction of Yili Chuanning i.e., Yili Chuanning and Fibocom Wireless go up and down completely randomly.
Pair Corralation between Yili Chuanning and Fibocom Wireless
Assuming the 90 days trading horizon Yili Chuanning Biotechnology is expected to generate 0.84 times more return on investment than Fibocom Wireless. However, Yili Chuanning Biotechnology is 1.19 times less risky than Fibocom Wireless. It trades about 0.03 of its potential returns per unit of risk. Fibocom Wireless is currently generating about 0.02 per unit of risk. 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 |
Yili Chuanning Biotechnology vs. Fibocom Wireless
Performance |
| Timeline |
| Yili Chuanning Biote |
| Fibocom Wireless |
Yili Chuanning and Fibocom Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and Fibocom Wireless
The main advantage of trading using opposite Yili Chuanning and Fibocom Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning position performs unexpectedly, Fibocom Wireless 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 Fibocom Wireless will offset losses from the drop in Fibocom Wireless' long position.| Yili Chuanning vs. State Grid InformationCommunication | Yili Chuanning vs. East Money Information | Yili Chuanning vs. Shenzhen SDG Information | Yili Chuanning vs. Guilin Seamild Foods |
| 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 |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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