Correlation Between China Galaxy and Fibocom Wireless
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Galaxy Securities and Fibocom Wireless, you can compare the effects of market volatilities on China Galaxy and Fibocom Wireless 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 China Galaxy with a short position of Fibocom Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Galaxy and Fibocom Wireless.
Diversification Opportunities for China Galaxy and Fibocom Wireless
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between China and Fibocom is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding China Galaxy Securities and Fibocom Wireless in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fibocom Wireless and China Galaxy 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 China Galaxy Securities are associated (or correlated) with Fibocom Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fibocom Wireless has no effect on the direction of China Galaxy i.e., China Galaxy and Fibocom Wireless go up and down completely randomly.
Pair Corralation between China Galaxy and Fibocom Wireless
Assuming the 90 days trading horizon China Galaxy Securities is expected to under-perform the Fibocom Wireless. But the stock apears to be less risky and, when comparing its historical volatility, China Galaxy Securities is 2.06 times less risky than Fibocom Wireless. The stock trades about -0.18 of its potential returns per unit of risk. The Fibocom Wireless is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,834 in Fibocom Wireless on October 17, 2024 and sell it today you would earn a total of 187.00 from holding Fibocom Wireless or generate 10.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Galaxy Securities vs. Fibocom Wireless
Performance |
| Timeline |
| China Galaxy Securities |
| Fibocom Wireless |
China Galaxy and Fibocom Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Galaxy and Fibocom Wireless
The main advantage of trading using opposite China Galaxy and Fibocom Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Galaxy position performs unexpectedly, Fibocom Wireless 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 Fibocom Wireless will offset losses from the drop in Fibocom Wireless' long position.| China Galaxy vs. Jinlong Machinery Electronic | China Galaxy vs. Iat Automobile Technology | China Galaxy vs. Huasi Agricultural Development | China Galaxy vs. Masterwork Machinery |
| Fibocom Wireless vs. Chongqing Brewery Co | Fibocom Wireless vs. Qingdao Foods Co | Fibocom Wireless vs. SSAW Hotels Resorts | Fibocom Wireless vs. Zhejiang Kingland Pipeline |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |