Correlation Between Salesforce and Fujian Newland
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By analyzing existing cross correlation between Salesforce and Fujian Newland Computer, you can compare the effects of market volatilities on Salesforce and Fujian Newland 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 Salesforce with a short position of Fujian Newland. Check out your portfolio center. Please also check ongoing floating volatility patterns of Salesforce and Fujian Newland.
Diversification Opportunities for Salesforce and Fujian Newland
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Salesforce and Fujian is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Salesforce and Fujian Newland Computer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Newland Computer and Salesforce 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 Salesforce are associated (or correlated) with Fujian Newland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Newland Computer has no effect on the direction of Salesforce i.e., Salesforce and Fujian Newland go up and down completely randomly.
Pair Corralation between Salesforce and Fujian Newland
Considering the 90-day investment horizon Salesforce is expected to generate 0.76 times more return on investment than Fujian Newland. However, Salesforce is 1.32 times less risky than Fujian Newland. It trades about 0.1 of its potential returns per unit of risk. Fujian Newland Computer is currently generating about 0.03 per unit of risk. If you would invest 20,281 in Salesforce on August 25, 2024 and sell it today you would earn a total of 13,921 from holding Salesforce or generate 68.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 94.83% |
| Values | Daily Returns |
Salesforce vs. Fujian Newland Computer
Performance |
| Timeline |
| Salesforce |
| Fujian Newland Computer |
Salesforce and Fujian Newland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Salesforce and Fujian Newland
The main advantage of trading using opposite Salesforce and Fujian Newland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Salesforce position performs unexpectedly, Fujian Newland 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 Newland will offset losses from the drop in Fujian Newland's long position.| Salesforce vs. Zoom Video Communications | Salesforce vs. C3 Ai Inc | Salesforce vs. Shopify | Salesforce vs. Workday |
| Fujian Newland vs. Ming Yang Smart | Fujian Newland vs. 159005 | Fujian Newland vs. Loctek Ergonomic Technology | Fujian Newland vs. Xiamen East Asia |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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