Correlation Between Sihui Fuji and IRay Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sihui Fuji Electronics and iRay Technology Co, you can compare the effects of market volatilities on Sihui Fuji and IRay Technology 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 Sihui Fuji with a short position of IRay Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sihui Fuji and IRay Technology.
Diversification Opportunities for Sihui Fuji and IRay Technology
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sihui and IRay is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Sihui Fuji Electronics and iRay Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iRay Technology and Sihui Fuji 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 Sihui Fuji Electronics are associated (or correlated) with IRay Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iRay Technology has no effect on the direction of Sihui Fuji i.e., Sihui Fuji and IRay Technology go up and down completely randomly.
Pair Corralation between Sihui Fuji and IRay Technology
Assuming the 90 days trading horizon Sihui Fuji Electronics is expected to generate 0.92 times more return on investment than IRay Technology. However, Sihui Fuji Electronics is 1.09 times less risky than IRay Technology. It trades about 0.03 of its potential returns per unit of risk. iRay Technology Co is currently generating about -0.04 per unit of risk. If you would invest 2,332 in Sihui Fuji Electronics on September 28, 2024 and sell it today you would earn a total of 565.00 from holding Sihui Fuji Electronics or generate 24.23% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Sihui Fuji Electronics vs. iRay Technology Co
Performance |
Timeline |
Sihui Fuji Electronics |
iRay Technology |
Sihui Fuji and IRay Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sihui Fuji and IRay Technology
The main advantage of trading using opposite Sihui Fuji and IRay Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sihui Fuji position performs unexpectedly, IRay Technology 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 IRay Technology will offset losses from the drop in IRay Technology's long position.Sihui Fuji vs. Industrial and Commercial | Sihui Fuji vs. China Construction Bank | Sihui Fuji vs. Agricultural Bank of | Sihui Fuji vs. Bank of China |
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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