Correlation Between Sichuan Teway and FSPG Hi
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By analyzing existing cross correlation between Sichuan Teway Food and FSPG Hi Tech Co, you can compare the effects of market volatilities on Sichuan Teway and FSPG Hi 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 Sichuan Teway with a short position of FSPG Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Teway and FSPG Hi.
Diversification Opportunities for Sichuan Teway and FSPG Hi
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sichuan and FSPG is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Teway Food 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 Sichuan Teway 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 Sichuan Teway Food are associated (or correlated) with FSPG Hi. 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 Sichuan Teway i.e., Sichuan Teway and FSPG Hi go up and down completely randomly.
Pair Corralation between Sichuan Teway and FSPG Hi
Assuming the 90 days trading horizon Sichuan Teway Food is expected to under-perform the FSPG Hi. But the stock apears to be less risky and, when comparing its historical volatility, Sichuan Teway Food is 1.16 times less risky than FSPG Hi. The stock trades about -0.02 of its potential returns per unit of risk. The FSPG Hi Tech Co is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 460.00 in FSPG Hi Tech Co on October 18, 2024 and sell it today you would earn a total of 121.00 from holding FSPG Hi Tech Co or generate 26.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Sichuan Teway Food vs. FSPG Hi Tech Co
Performance |
| Timeline |
| Sichuan Teway Food |
| FSPG Hi Tech |
Sichuan Teway and FSPG Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Teway and FSPG Hi
The main advantage of trading using opposite Sichuan Teway and FSPG Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Teway position performs unexpectedly, FSPG Hi 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 will offset losses from the drop in FSPG Hi's long position.| Sichuan Teway vs. Haima Automobile Group | Sichuan Teway vs. Chenzhou Jingui Silver | Sichuan Teway vs. Tibet Huayu Mining | Sichuan Teway vs. Zijin Mining Group |
| FSPG Hi vs. Sichuan Teway Food | FSPG Hi vs. Zhangjiagang Freetrade Science | FSPG Hi vs. Chahua Modern Housewares | FSPG Hi vs. Dymatic Chemicals |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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