Correlation Between Fuyao Glass and Huaxia Fund
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fuyao Glass Industry and Huaxia Fund Management, you can compare the effects of market volatilities on Fuyao Glass and Huaxia Fund 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 Fuyao Glass with a short position of Huaxia Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fuyao Glass and Huaxia Fund.
Diversification Opportunities for Fuyao Glass and Huaxia Fund
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Fuyao and Huaxia is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Fuyao Glass Industry and Huaxia Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huaxia Fund Management and Fuyao Glass 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 Fuyao Glass Industry are associated (or correlated) with Huaxia Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huaxia Fund Management has no effect on the direction of Fuyao Glass i.e., Fuyao Glass and Huaxia Fund go up and down completely randomly.
Pair Corralation between Fuyao Glass and Huaxia Fund
Assuming the 90 days trading horizon Fuyao Glass Industry is expected to under-perform the Huaxia Fund. In addition to that, Fuyao Glass is 1.12 times more volatile than Huaxia Fund Management. It trades about -0.06 of its total potential returns per unit of risk. Huaxia Fund Management is currently generating about 0.23 per unit of volatility. If you would invest 246.00 in Huaxia Fund Management on September 4, 2024 and sell it today you would earn a total of 12.00 from holding Huaxia Fund Management or generate 4.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fuyao Glass Industry vs. Huaxia Fund Management
Performance |
| Timeline |
| Fuyao Glass Industry |
| Huaxia Fund Management |
Fuyao Glass and Huaxia Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fuyao Glass and Huaxia Fund
The main advantage of trading using opposite Fuyao Glass and Huaxia Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fuyao Glass position performs unexpectedly, Huaxia Fund 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 Huaxia Fund will offset losses from the drop in Huaxia Fund's long position.| Fuyao Glass vs. Huaxia Fund Management | Fuyao Glass vs. Anhui Fuhuang Steel | Fuyao Glass vs. Anyang Iron Steel | Fuyao Glass vs. Cicc Fund Management |
| Huaxia Fund vs. Industrial and Commercial | Huaxia Fund vs. Kweichow Moutai Co | Huaxia Fund vs. Agricultural Bank of | Huaxia Fund vs. China Mobile Limited |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |