Correlation Between Fujian Nanwang and Grandblue Environment
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By analyzing existing cross correlation between Fujian Nanwang Environment and Grandblue Environment Co, you can compare the effects of market volatilities on Fujian Nanwang and Grandblue Environment 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 Fujian Nanwang with a short position of Grandblue Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Nanwang and Grandblue Environment.
Diversification Opportunities for Fujian Nanwang and Grandblue Environment
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fujian and Grandblue is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Nanwang Environment and Grandblue Environment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grandblue Environment and Fujian Nanwang 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 Fujian Nanwang Environment are associated (or correlated) with Grandblue Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grandblue Environment has no effect on the direction of Fujian Nanwang i.e., Fujian Nanwang and Grandblue Environment go up and down completely randomly.
Pair Corralation between Fujian Nanwang and Grandblue Environment
Assuming the 90 days trading horizon Fujian Nanwang Environment is expected to generate 0.95 times more return on investment than Grandblue Environment. However, Fujian Nanwang Environment is 1.05 times less risky than Grandblue Environment. It trades about 0.39 of its potential returns per unit of risk. Grandblue Environment Co is currently generating about 0.15 per unit of risk. If you would invest 1,138 in Fujian Nanwang Environment on September 20, 2024 and sell it today you would earn a total of 146.00 from holding Fujian Nanwang Environment or generate 12.83% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Fujian Nanwang Environment vs. Grandblue Environment Co
Performance |
Timeline |
Fujian Nanwang Envir |
Grandblue Environment |
Fujian Nanwang and Grandblue Environment Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Fujian Nanwang and Grandblue Environment
The main advantage of trading using opposite Fujian Nanwang and Grandblue Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Nanwang position performs unexpectedly, Grandblue Environment 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 Grandblue Environment will offset losses from the drop in Grandblue Environment's long position.Fujian Nanwang vs. Zijin Mining Group | Fujian Nanwang vs. Wanhua Chemical Group | Fujian Nanwang vs. Baoshan Iron Steel | Fujian Nanwang vs. Shandong Gold Mining |
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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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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