Correlation Between CEMEX SAB and FibroGen
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By analyzing existing cross correlation between CEMEX SAB de and FibroGen, you can compare the effects of market volatilities on CEMEX SAB and FibroGen 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 CEMEX SAB with a short position of FibroGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of CEMEX SAB and FibroGen.
Diversification Opportunities for CEMEX SAB and FibroGen
Modest diversification
The 3 months correlation between CEMEX and FibroGen is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding CEMEX SAB de and FibroGen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FibroGen and CEMEX SAB 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 CEMEX SAB de are associated (or correlated) with FibroGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FibroGen has no effect on the direction of CEMEX SAB i.e., CEMEX SAB and FibroGen go up and down completely randomly.
Pair Corralation between CEMEX SAB and FibroGen
Assuming the 90 days trading horizon CEMEX SAB is expected to generate 26.05 times less return on investment than FibroGen. But when comparing it to its historical volatility, CEMEX SAB de is 3.6 times less risky than FibroGen. It trades about 0.0 of its potential returns per unit of risk. FibroGen is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 2,900 in FibroGen on November 26, 2024 and sell it today you would lose (1,399) from holding FibroGen or give up 48.24% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
CEMEX SAB de vs. FibroGen
Performance |
Timeline |
CEMEX SAB de |
FibroGen |
CEMEX SAB and FibroGen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CEMEX SAB and FibroGen
The main advantage of trading using opposite CEMEX SAB and FibroGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CEMEX SAB position performs unexpectedly, FibroGen 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 FibroGen will offset losses from the drop in FibroGen's long position.CEMEX SAB vs. Grupo Mxico SAB | ||
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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