Correlation Between Ningbo Fujia and Success Electronics
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By analyzing existing cross correlation between Ningbo Fujia Industrial and Success Electronics, you can compare the effects of market volatilities on Ningbo Fujia and Success Electronics 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 Ningbo Fujia with a short position of Success Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Fujia and Success Electronics.
Diversification Opportunities for Ningbo Fujia and Success Electronics
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ningbo and Success is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Fujia Industrial and Success Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Success Electronics and Ningbo Fujia 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 Ningbo Fujia Industrial are associated (or correlated) with Success Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Success Electronics has no effect on the direction of Ningbo Fujia i.e., Ningbo Fujia and Success Electronics go up and down completely randomly.
Pair Corralation between Ningbo Fujia and Success Electronics
Assuming the 90 days trading horizon Ningbo Fujia Industrial is expected to generate 1.07 times more return on investment than Success Electronics. However, Ningbo Fujia is 1.07 times more volatile than Success Electronics. It trades about 0.03 of its potential returns per unit of risk. Success Electronics is currently generating about -0.05 per unit of risk. If you would invest 1,215 in Ningbo Fujia Industrial on October 27, 2024 and sell it today you would earn a total of 291.00 from holding Ningbo Fujia Industrial or generate 23.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Fujia Industrial vs. Success Electronics
Performance |
| Timeline |
| Ningbo Fujia Industrial |
| Success Electronics |
Ningbo Fujia and Success Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Fujia and Success Electronics
The main advantage of trading using opposite Ningbo Fujia and Success Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Fujia position performs unexpectedly, Success Electronics 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 Success Electronics will offset losses from the drop in Success Electronics' long position.| Ningbo Fujia vs. Wintao Communications Co | Ningbo Fujia vs. Beijing Bewinner Communications | Ningbo Fujia vs. Fiberhome Telecommunication Technologies | Ningbo Fujia vs. Lontium Semiconductor Corp |
| Success Electronics vs. Guangzhou Zhujiang Brewery | Success Electronics vs. Chongqing Brewery Co | Success Electronics vs. Harbin Hatou Investment | Success Electronics vs. Beijing Yanjing Brewery |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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