Correlation Between Fuzhou Rockchip and Blue Sail
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By analyzing existing cross correlation between Fuzhou Rockchip Electronics and Blue Sail Medical, you can compare the effects of market volatilities on Fuzhou Rockchip and Blue Sail 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 Fuzhou Rockchip with a short position of Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fuzhou Rockchip and Blue Sail.
Diversification Opportunities for Fuzhou Rockchip and Blue Sail
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fuzhou and Blue is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Fuzhou Rockchip Electronics and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical and Fuzhou Rockchip 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 Fuzhou Rockchip Electronics are associated (or correlated) with Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Fuzhou Rockchip i.e., Fuzhou Rockchip and Blue Sail go up and down completely randomly.
Pair Corralation between Fuzhou Rockchip and Blue Sail
Assuming the 90 days trading horizon Fuzhou Rockchip Electronics is expected to under-perform the Blue Sail. In addition to that, Fuzhou Rockchip is 1.34 times more volatile than Blue Sail Medical. It trades about -0.12 of its total potential returns per unit of risk. Blue Sail Medical is currently generating about 0.07 per unit of volatility. If you would invest 543.00 in Blue Sail Medical on August 31, 2024 and sell it today you would earn a total of 13.00 from holding Blue Sail Medical or generate 2.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fuzhou Rockchip Electronics vs. Blue Sail Medical
Performance |
| Timeline |
| Fuzhou Rockchip Elec |
| Blue Sail Medical |
Fuzhou Rockchip and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fuzhou Rockchip and Blue Sail
The main advantage of trading using opposite Fuzhou Rockchip and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fuzhou Rockchip position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.| Fuzhou Rockchip vs. Threes Company Media | Fuzhou Rockchip vs. FSPG Hi Tech Co | Fuzhou Rockchip vs. Inly Media Co | Fuzhou Rockchip vs. ChengDu Hi Tech Development |
| Blue Sail vs. PetroChina Co Ltd | Blue Sail vs. China Mobile Limited | Blue Sail vs. Ping An Insurance | Blue Sail vs. China Petroleum Chemical |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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