Correlation Between FDG Electric and Gushen
Can any of the company-specific risk be diversified away by investing in both FDG Electric and Gushen at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining FDG Electric and Gushen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FDG Electric Vehicles and Gushen Inc, you can compare the effects of market volatilities on FDG Electric and Gushen 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 FDG Electric with a short position of Gushen. Check out your portfolio center. Please also check ongoing floating volatility patterns of FDG Electric and Gushen.
Diversification Opportunities for FDG Electric and Gushen
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between FDG and Gushen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FDG Electric Vehicles and Gushen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gushen Inc and FDG Electric 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 FDG Electric Vehicles are associated (or correlated) with Gushen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gushen Inc has no effect on the direction of FDG Electric i.e., FDG Electric and Gushen go up and down completely randomly.
Pair Corralation between FDG Electric and Gushen
If you would invest 0.01 in FDG Electric Vehicles on August 29, 2024 and sell it today you would earn a total of 0.00 from holding FDG Electric Vehicles or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 29.44% |
| Values | Daily Returns |
FDG Electric Vehicles vs. Gushen Inc
Performance |
| Timeline |
| FDG Electric Vehicles |
| Gushen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
FDG Electric and Gushen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FDG Electric and Gushen
The main advantage of trading using opposite FDG Electric and Gushen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FDG Electric position performs unexpectedly, Gushen 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 Gushen will offset losses from the drop in Gushen's long position.| FDG Electric vs. BCB Bancorp | FDG Electric vs. Discover Financial Services | FDG Electric vs. Kaltura | FDG Electric vs. NETGEAR |
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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.
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