Correlation Between Ningbo Fujia and Integrated Electronic
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By analyzing existing cross correlation between Ningbo Fujia Industrial and Integrated Electronic Systems, you can compare the effects of market volatilities on Ningbo Fujia and Integrated Electronic 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 Ningbo Fujia with a short position of Integrated Electronic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Fujia and Integrated Electronic.
Diversification Opportunities for Ningbo Fujia and Integrated Electronic
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ningbo and Integrated is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Fujia Industrial and Integrated Electronic Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integrated Electronic and Ningbo Fujia 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 Ningbo Fujia Industrial are associated (or correlated) with Integrated Electronic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integrated Electronic has no effect on the direction of Ningbo Fujia i.e., Ningbo Fujia and Integrated Electronic go up and down completely randomly.
Pair Corralation between Ningbo Fujia and Integrated Electronic
Assuming the 90 days trading horizon Ningbo Fujia Industrial is expected to generate 0.92 times more return on investment than Integrated Electronic. However, Ningbo Fujia Industrial is 1.09 times less risky than Integrated Electronic. It trades about 0.09 of its potential returns per unit of risk. Integrated Electronic Systems is currently generating about 0.04 per unit of risk. If you would invest 1,289 in Ningbo Fujia Industrial on October 20, 2024 and sell it today you would earn a total of 232.00 from holding Ningbo Fujia Industrial or generate 18.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Ningbo Fujia Industrial vs. Integrated Electronic Systems
Performance |
Timeline |
Ningbo Fujia Industrial |
Integrated Electronic |
Ningbo Fujia and Integrated Electronic Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ningbo Fujia and Integrated Electronic
The main advantage of trading using opposite Ningbo Fujia and Integrated Electronic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Fujia position performs unexpectedly, Integrated Electronic 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 Integrated Electronic will offset losses from the drop in Integrated Electronic's long position.Ningbo Fujia vs. Zhongrun Resources Investment | ||
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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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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