Correlation Between Feature Integration and Hannstar Display
Can any of the company-specific risk be diversified away by investing in both Feature Integration and Hannstar Display at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Feature Integration and Hannstar Display into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Feature Integration Technology and Hannstar Display Corp, you can compare the effects of market volatilities on Feature Integration and Hannstar Display 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 Feature Integration with a short position of Hannstar Display. Check out your portfolio center. Please also check ongoing floating volatility patterns of Feature Integration and Hannstar Display.
Diversification Opportunities for Feature Integration and Hannstar Display
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Feature and Hannstar is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Feature Integration Technology and Hannstar Display Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hannstar Display Corp and Feature Integration 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 Feature Integration Technology are associated (or correlated) with Hannstar Display. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hannstar Display Corp has no effect on the direction of Feature Integration i.e., Feature Integration and Hannstar Display go up and down completely randomly.
Pair Corralation between Feature Integration and Hannstar Display
Assuming the 90 days trading horizon Feature Integration Technology is expected to generate 1.31 times more return on investment than Hannstar Display. However, Feature Integration is 1.31 times more volatile than Hannstar Display Corp. It trades about 0.36 of its potential returns per unit of risk. Hannstar Display Corp is currently generating about 0.38 per unit of risk. If you would invest 6,630 in Feature Integration Technology on November 28, 2024 and sell it today you would earn a total of 1,070 from holding Feature Integration Technology or generate 16.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 94.44% |
| Values | Daily Returns |
Feature Integration Technology vs. Hannstar Display Corp
Performance |
| Timeline |
| Feature Integration |
| Hannstar Display Corp |
Feature Integration and Hannstar Display Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Feature Integration and Hannstar Display
The main advantage of trading using opposite Feature Integration and Hannstar Display positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Feature Integration position performs unexpectedly, Hannstar Display 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 Hannstar Display will offset losses from the drop in Hannstar Display's long position.| Feature Integration vs. Apacer Technology | Feature Integration vs. Nova Technology | Feature Integration vs. X Legend Entertainment Co | Feature Integration vs. Zhen Ding Technology |
| Hannstar Display vs. AU Optronics | Hannstar Display vs. Innolux Corp | Hannstar Display vs. Winbond Electronics Corp | Hannstar Display vs. Qisda Corp |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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