Correlation Between Semiconductor Manufacturing and Fujian Anjoy
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By analyzing existing cross correlation between Semiconductor Manufacturing Electronics and Fujian Anjoy Foods, you can compare the effects of market volatilities on Semiconductor Manufacturing 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 Semiconductor Manufacturing with a short position of Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Semiconductor Manufacturing and Fujian Anjoy.
Diversification Opportunities for Semiconductor Manufacturing and Fujian Anjoy
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Semiconductor and Fujian is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Semiconductor Manufacturing El 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 Semiconductor Manufacturing 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 Semiconductor Manufacturing Electronics 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 Semiconductor Manufacturing i.e., Semiconductor Manufacturing and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Semiconductor Manufacturing and Fujian Anjoy
Assuming the 90 days trading horizon Semiconductor Manufacturing Electronics is expected to under-perform the Fujian Anjoy. But the stock apears to be less risky and, when comparing its historical volatility, Semiconductor Manufacturing Electronics is 1.48 times less risky than Fujian Anjoy. The stock trades about -0.76 of its potential returns per unit of risk. The Fujian Anjoy Foods is currently generating about -0.22 of returns per unit of risk over similar time horizon. If you would invest 8,615 in Fujian Anjoy Foods on October 11, 2024 and sell it today you would lose (896.00) from holding Fujian Anjoy Foods or give up 10.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Semiconductor Manufacturing El vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Semiconductor Manufacturing |
| Fujian Anjoy Foods |
Semiconductor Manufacturing and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Semiconductor Manufacturing and Fujian Anjoy
The main advantage of trading using opposite Semiconductor Manufacturing and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Semiconductor Manufacturing 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.| Semiconductor Manufacturing vs. Cansino Biologics | Semiconductor Manufacturing vs. China Sports Industry | Semiconductor Manufacturing vs. Shuhua Sports Co | Semiconductor Manufacturing vs. Dhc Software Co |
| Fujian Anjoy vs. Western Metal Materials | Fujian Anjoy vs. Wuhan Yangtze Communication | Fujian Anjoy vs. Xinke Material | Fujian Anjoy vs. Jilin Jlu Communication |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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