Correlation Between Fujian Anjoy and Servyou Software
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By analyzing existing cross correlation between Fujian Anjoy Foods and Servyou Software Group, you can compare the effects of market volatilities on Fujian Anjoy and Servyou Software 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 Anjoy with a short position of Servyou Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Servyou Software.
Diversification Opportunities for Fujian Anjoy and Servyou Software
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fujian and Servyou is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Servyou Software Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Servyou Software and Fujian Anjoy 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 Anjoy Foods are associated (or correlated) with Servyou Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Servyou Software has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Servyou Software go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Servyou Software
Assuming the 90 days trading horizon Fujian Anjoy is expected to generate 1.45 times less return on investment than Servyou Software. But when comparing it to its historical volatility, Fujian Anjoy Foods is 1.1 times less risky than Servyou Software. It trades about 0.15 of its potential returns per unit of risk. Servyou Software Group is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 2,250 in Servyou Software Group on September 15, 2024 and sell it today you would earn a total of 1,116 from holding Servyou Software Group or generate 49.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Fujian Anjoy Foods vs. Servyou Software Group
Performance |
Timeline |
Fujian Anjoy Foods |
Servyou Software |
Fujian Anjoy and Servyou Software Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Fujian Anjoy and Servyou Software
The main advantage of trading using opposite Fujian Anjoy and Servyou Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Servyou Software 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 Servyou Software will offset losses from the drop in Servyou Software's long position.Fujian Anjoy vs. Nanjing Putian Telecommunications | ||
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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