Correlation Between Fujian Oriental and Sailun Jinyu
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By analyzing existing cross correlation between Fujian Oriental Silver and Sailun Jinyu Group, you can compare the effects of market volatilities on Fujian Oriental and Sailun Jinyu 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 Oriental with a short position of Sailun Jinyu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Oriental and Sailun Jinyu.
Diversification Opportunities for Fujian Oriental and Sailun Jinyu
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Fujian and Sailun is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Oriental Silver and Sailun Jinyu Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sailun Jinyu Group and Fujian Oriental 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 Oriental Silver are associated (or correlated) with Sailun Jinyu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sailun Jinyu Group has no effect on the direction of Fujian Oriental i.e., Fujian Oriental and Sailun Jinyu go up and down completely randomly.
Pair Corralation between Fujian Oriental and Sailun Jinyu
Assuming the 90 days trading horizon Fujian Oriental Silver is expected to under-perform the Sailun Jinyu. In addition to that, Fujian Oriental is 2.73 times more volatile than Sailun Jinyu Group. It trades about -0.12 of its total potential returns per unit of risk. Sailun Jinyu Group is currently generating about 0.06 per unit of volatility. If you would invest 1,418 in Sailun Jinyu Group on September 26, 2024 and sell it today you would earn a total of 21.00 from holding Sailun Jinyu Group or generate 1.48% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Fujian Oriental Silver vs. Sailun Jinyu Group
Performance |
Timeline |
Fujian Oriental Silver |
Sailun Jinyu Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
Fujian Oriental and Sailun Jinyu Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Fujian Oriental and Sailun Jinyu
The main advantage of trading using opposite Fujian Oriental and Sailun Jinyu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Oriental position performs unexpectedly, Sailun Jinyu 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 Sailun Jinyu will offset losses from the drop in Sailun Jinyu's long position.Fujian Oriental vs. Cultural Investment Holdings | Fujian Oriental vs. Gome Telecom Equipment | Fujian Oriental vs. Bus Online Co | Fujian Oriental vs. Holitech Technology Co |
Sailun Jinyu vs. Techshine Electronics Co | Sailun Jinyu vs. Chengdu Xingrong Investment | Sailun Jinyu vs. Zhongrun Resources Investment | Sailun Jinyu vs. Zhejiang Construction Investment |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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