Correlation Between Fujian Nanwang and MayAir Technology
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By analyzing existing cross correlation between Fujian Nanwang Environment and MayAir Technology Co, you can compare the effects of market volatilities on Fujian Nanwang and MayAir Technology 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 Fujian Nanwang with a short position of MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Nanwang and MayAir Technology.
Diversification Opportunities for Fujian Nanwang and MayAir Technology
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fujian and MayAir is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Nanwang Environment and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology and Fujian Nanwang 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 Fujian Nanwang Environment are associated (or correlated) with MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of Fujian Nanwang i.e., Fujian Nanwang and MayAir Technology go up and down completely randomly.
Pair Corralation between Fujian Nanwang and MayAir Technology
Assuming the 90 days trading horizon Fujian Nanwang Environment is expected to generate 0.95 times more return on investment than MayAir Technology. However, Fujian Nanwang Environment is 1.05 times less risky than MayAir Technology. It trades about 0.28 of its potential returns per unit of risk. MayAir Technology Co is currently generating about -0.31 per unit of risk. If you would invest 1,279 in Fujian Nanwang Environment on October 12, 2024 and sell it today you would earn a total of 141.00 from holding Fujian Nanwang Environment or generate 11.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Nanwang Environment vs. MayAir Technology Co
Performance |
| Timeline |
| Fujian Nanwang Envir |
| MayAir Technology |
Fujian Nanwang and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Nanwang and MayAir Technology
The main advantage of trading using opposite Fujian Nanwang and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Nanwang position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.| Fujian Nanwang vs. Jinxiandai Information Industry | Fujian Nanwang vs. Leyard Optoelectronic | Fujian Nanwang vs. Success Electronics | Fujian Nanwang vs. Jinlong Machinery Electronic |
| MayAir Technology vs. Sunwave Communications Co | MayAir Technology vs. Nantong Haixing Electronics | MayAir Technology vs. Techshine Electronics Co | MayAir Technology vs. Tongyu 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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