Correlation Between Inner Mongolia and FSPG Hi
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By analyzing existing cross correlation between Inner Mongolia BaoTou and FSPG Hi Tech Co, you can compare the effects of market volatilities on Inner Mongolia and FSPG Hi 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 Inner Mongolia with a short position of FSPG Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inner Mongolia and FSPG Hi.
Diversification Opportunities for Inner Mongolia and FSPG Hi
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Inner and FSPG is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Inner Mongolia BaoTou and FSPG Hi Tech Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FSPG Hi Tech and Inner Mongolia 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 Inner Mongolia BaoTou are associated (or correlated) with FSPG Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FSPG Hi Tech has no effect on the direction of Inner Mongolia i.e., Inner Mongolia and FSPG Hi go up and down completely randomly.
Pair Corralation between Inner Mongolia and FSPG Hi
Assuming the 90 days trading horizon Inner Mongolia is expected to generate 1.98 times less return on investment than FSPG Hi. But when comparing it to its historical volatility, Inner Mongolia BaoTou is 1.67 times less risky than FSPG Hi. It trades about 0.15 of its potential returns per unit of risk. FSPG Hi Tech Co is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 570.00 in FSPG Hi Tech Co on September 1, 2024 and sell it today you would earn a total of 130.00 from holding FSPG Hi Tech Co or generate 22.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Inner Mongolia BaoTou vs. FSPG Hi Tech Co
Performance |
| Timeline |
| Inner Mongolia BaoTou |
| FSPG Hi Tech |
Inner Mongolia and FSPG Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inner Mongolia and FSPG Hi
The main advantage of trading using opposite Inner Mongolia and FSPG Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inner Mongolia position performs unexpectedly, FSPG Hi 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 FSPG Hi will offset losses from the drop in FSPG Hi's long position.| Inner Mongolia vs. Beijing Jiaman Dress | Inner Mongolia vs. Puyang Huicheng Electronic | Inner Mongolia vs. TongFu Microelectronics Co | Inner Mongolia vs. Ningbo Kangqiang Electronics |
| FSPG Hi vs. Impulse Qingdao Health | FSPG Hi vs. Eastern Air Logistics | FSPG Hi vs. Meinian Onehealth Healthcare | FSPG Hi vs. Everjoy Health Group |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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