Correlation Between Sichuan Furong and Allgens Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sichuan Furong Technology and Allgens Medical Technology, you can compare the effects of market volatilities on Sichuan Furong and Allgens Medical 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 Furong with a short position of Allgens Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Furong and Allgens Medical.
Diversification Opportunities for Sichuan Furong and Allgens Medical
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sichuan and Allgens is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Furong Technology and Allgens Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allgens Medical Tech and Sichuan Furong 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 Furong Technology are associated (or correlated) with Allgens Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allgens Medical Tech has no effect on the direction of Sichuan Furong i.e., Sichuan Furong and Allgens Medical go up and down completely randomly.
Pair Corralation between Sichuan Furong and Allgens Medical
Assuming the 90 days trading horizon Sichuan Furong Technology is expected to generate 15.77 times more return on investment than Allgens Medical. However, Sichuan Furong is 15.77 times more volatile than Allgens Medical Technology. It trades about 0.04 of its potential returns per unit of risk. Allgens Medical Technology is currently generating about -0.01 per unit of risk. If you would invest 1,202 in Sichuan Furong Technology on October 16, 2024 and sell it today you would lose (70.00) from holding Sichuan Furong Technology or give up 5.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sichuan Furong Technology vs. Allgens Medical Technology
Performance |
| Timeline |
| Sichuan Furong Technology |
| Allgens Medical Tech |
Sichuan Furong and Allgens Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Furong and Allgens Medical
The main advantage of trading using opposite Sichuan Furong and Allgens Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Furong position performs unexpectedly, Allgens Medical 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 Allgens Medical will offset losses from the drop in Allgens Medical's long position.| Sichuan Furong vs. Allgens Medical Technology | Sichuan Furong vs. Kontour Medical Technology | Sichuan Furong vs. Jinhe Biotechnology Co | Sichuan Furong vs. Liaoning Chengda Biotechnology |
| Allgens Medical vs. Liuzhou Chemical Industry | Allgens Medical vs. Dosilicon Co | Allgens Medical vs. Shandong Rike Chemical | Allgens Medical vs. Ningxia Younglight 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |