Correlation Between Ye Chiu and FSPG Hi-Tech
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By analyzing existing cross correlation between Ye Chiu Metal and FSPG Hi Tech Co, you can compare the effects of market volatilities on Ye Chiu and FSPG Hi-Tech 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 Ye Chiu with a short position of FSPG Hi-Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and FSPG Hi-Tech.
Diversification Opportunities for Ye Chiu and FSPG Hi-Tech
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between 601388 and FSPG is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal 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 Ye Chiu 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 Ye Chiu Metal are associated (or correlated) with FSPG Hi-Tech. 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 Ye Chiu i.e., Ye Chiu and FSPG Hi-Tech go up and down completely randomly.
Pair Corralation between Ye Chiu and FSPG Hi-Tech
Assuming the 90 days trading horizon Ye Chiu is expected to generate 11.87 times less return on investment than FSPG Hi-Tech. But when comparing it to its historical volatility, Ye Chiu Metal is 1.01 times less risky than FSPG Hi-Tech. It trades about 0.0 of its potential returns per unit of risk. FSPG Hi Tech Co is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 471.00 in FSPG Hi Tech Co on November 5, 2024 and sell it today you would earn a total of 87.00 from holding FSPG Hi Tech Co or generate 18.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.64% |
| Values | Daily Returns |
Ye Chiu Metal vs. FSPG Hi Tech Co
Performance |
| Timeline |
| Ye Chiu Metal |
| FSPG Hi Tech |
Ye Chiu and FSPG Hi-Tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ye Chiu and FSPG Hi-Tech
The main advantage of trading using opposite Ye Chiu and FSPG Hi-Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu position performs unexpectedly, FSPG Hi-Tech 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-Tech will offset losses from the drop in FSPG Hi-Tech's long position.| Ye Chiu vs. Zijin Mining Group | Ye Chiu vs. Wanhua Chemical Group | Ye Chiu vs. Baoshan Iron Steel | Ye Chiu vs. Shandong Gold Mining |
| FSPG Hi-Tech vs. HanS Laser Tech | FSPG Hi-Tech vs. Holitech Technology Co | FSPG Hi-Tech vs. Yindu Kitchen Equipment | FSPG Hi-Tech vs. Shandong Polymer Biochemicals |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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