Correlation Between Beijing Roborock and Fushun Special
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By analyzing existing cross correlation between Beijing Roborock Technology and Fushun Special Steel, you can compare the effects of market volatilities on Beijing Roborock and Fushun Special 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 Beijing Roborock with a short position of Fushun Special. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Fushun Special.
Diversification Opportunities for Beijing Roborock and Fushun Special
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Fushun is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Fushun Special Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fushun Special Steel and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Fushun Special. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fushun Special Steel has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Fushun Special go up and down completely randomly.
Pair Corralation between Beijing Roborock and Fushun Special
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Fushun Special. In addition to that, Beijing Roborock is 1.49 times more volatile than Fushun Special Steel. It trades about -0.28 of its total potential returns per unit of risk. Fushun Special Steel is currently generating about -0.09 per unit of volatility. If you would invest 714.00 in Fushun Special Steel on August 24, 2024 and sell it today you would lose (36.00) from holding Fushun Special Steel or give up 5.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Fushun Special Steel
Performance |
| Timeline |
| Beijing Roborock Tec |
| Fushun Special Steel |
Beijing Roborock and Fushun Special Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Fushun Special
The main advantage of trading using opposite Beijing Roborock and Fushun Special positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Fushun Special 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 Fushun Special will offset losses from the drop in Fushun Special's long position.| Beijing Roborock vs. Fushun Special Steel | Beijing Roborock vs. Haima Automobile Group | Beijing Roborock vs. Tongyu Communication | Beijing Roborock vs. Wuhan Yangtze Communication |
| Fushun Special vs. Zijin Mining Group | Fushun Special vs. Wanhua Chemical Group | Fushun Special vs. Baoshan Iron Steel | Fushun Special vs. Shandong Gold Mining |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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