Correlation Between Xinya Electronic and FSPG Hi
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By analyzing existing cross correlation between Xinya Electronic Co and FSPG Hi Tech Co, you can compare the effects of market volatilities on Xinya Electronic 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 Xinya Electronic with a short position of FSPG Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and FSPG Hi.
Diversification Opportunities for Xinya Electronic and FSPG Hi
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Xinya and FSPG is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic Co 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 Xinya Electronic 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 Xinya Electronic Co 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 Xinya Electronic i.e., Xinya Electronic and FSPG Hi go up and down completely randomly.
Pair Corralation between Xinya Electronic and FSPG Hi
Assuming the 90 days trading horizon Xinya Electronic is expected to generate 1.01 times less return on investment than FSPG Hi. In addition to that, Xinya Electronic is 1.19 times more volatile than FSPG Hi Tech Co. It trades about 0.06 of its total potential returns per unit of risk. FSPG Hi Tech Co is currently generating about 0.08 per unit of volatility. If you would invest 388.00 in FSPG Hi Tech Co on October 22, 2024 and sell it today you would earn a total of 207.00 from holding FSPG Hi Tech Co or generate 53.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.55% |
| Values | Daily Returns |
Xinya Electronic Co vs. FSPG Hi Tech Co
Performance |
| Timeline |
| Xinya Electronic |
| FSPG Hi Tech |
Xinya Electronic and FSPG Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinya Electronic and FSPG Hi
The main advantage of trading using opposite Xinya Electronic and FSPG Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic 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.| Xinya Electronic vs. Dareway Software Co | Xinya Electronic vs. CIMC Vehicles Co | Xinya Electronic vs. Guangzhou Automobile Group | Xinya Electronic vs. Jiangsu Xinri E Vehicle |
| FSPG Hi vs. Dymatic Chemicals | FSPG Hi vs. Longxing Chemical Stock | FSPG Hi vs. Ningxia Younglight Chemicals | FSPG Hi vs. Guangdong Silvere Sci |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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