Correlation Between Fujian Oriental and AUPU Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fujian Oriental Silver and AUPU Home Style, you can compare the effects of market volatilities on Fujian Oriental and AUPU Home 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 Oriental with a short position of AUPU Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Oriental and AUPU Home.
Diversification Opportunities for Fujian Oriental and AUPU Home
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Fujian and AUPU is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Oriental Silver and AUPU Home Style in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AUPU Home Style and Fujian Oriental 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 Oriental Silver are associated (or correlated) with AUPU Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AUPU Home Style has no effect on the direction of Fujian Oriental i.e., Fujian Oriental and AUPU Home go up and down completely randomly.
Pair Corralation between Fujian Oriental and AUPU Home
Assuming the 90 days trading horizon Fujian Oriental Silver is expected to generate 1.82 times more return on investment than AUPU Home. However, Fujian Oriental is 1.82 times more volatile than AUPU Home Style. It trades about -0.01 of its potential returns per unit of risk. AUPU Home Style is currently generating about -0.13 per unit of risk. If you would invest 685.00 in Fujian Oriental Silver on October 20, 2024 and sell it today you would lose (16.00) from holding Fujian Oriental Silver or give up 2.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Fujian Oriental Silver vs. AUPU Home Style
Performance |
| Timeline |
| Fujian Oriental Silver |
| AUPU Home Style |
Fujian Oriental and AUPU Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Oriental and AUPU Home
The main advantage of trading using opposite Fujian Oriental and AUPU Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Oriental position performs unexpectedly, AUPU Home 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 AUPU Home will offset losses from the drop in AUPU Home's long position.| Fujian Oriental vs. Ningbo Fujia Industrial | Fujian Oriental vs. Bosera CMSK Industrial | Fujian Oriental vs. Hengli Industrial Development | Fujian Oriental vs. Guangdong Jingyi Metal |
| AUPU Home vs. Guangzhou Zhujiang Brewery | AUPU Home vs. Ningbo Jintian Copper | AUPU Home vs. Beijing Yanjing Brewery | AUPU Home vs. North Copper Shanxi |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |