Correlation Between Beijing Roborock and Fujian Anjoy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Roborock Technology and Fujian Anjoy Foods, you can compare the effects of market volatilities on Beijing Roborock and Fujian Anjoy 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 Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Fujian Anjoy.
Diversification Opportunities for Beijing Roborock and Fujian Anjoy
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Beijing and Fujian is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Fujian Anjoy Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Anjoy Foods 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 Fujian Anjoy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Anjoy Foods has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Beijing Roborock and Fujian Anjoy
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 2.06 times more return on investment than Fujian Anjoy. However, Beijing Roborock is 2.06 times more volatile than Fujian Anjoy Foods. It trades about 0.14 of its potential returns per unit of risk. Fujian Anjoy Foods is currently generating about -0.43 per unit of risk. If you would invest 21,266 in Beijing Roborock Technology on October 26, 2024 and sell it today you would earn a total of 1,652 from holding Beijing Roborock Technology or generate 7.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Beijing Roborock Tec |
| Fujian Anjoy Foods |
Beijing Roborock and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Fujian Anjoy
The main advantage of trading using opposite Beijing Roborock and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Fujian Anjoy 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 Fujian Anjoy will offset losses from the drop in Fujian Anjoy's long position.| Beijing Roborock vs. ROPEOK Technology Group | Beijing Roborock vs. Fujian Newland Computer | Beijing Roborock vs. Beijing Seeyon Internet | Beijing Roborock vs. Sichuan Jinshi Technology |
| Fujian Anjoy vs. Kweichow Moutai Co | Fujian Anjoy vs. Contemporary Amperex Technology | Fujian Anjoy vs. G bits Network Technology | Fujian Anjoy vs. Beijing Roborock Technology |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |