Correlation Between Fujian Newland and Shanghai Putailai
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fujian Newland Computer and Shanghai Putailai New, you can compare the effects of market volatilities on Fujian Newland and Shanghai Putailai 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 Newland with a short position of Shanghai Putailai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Newland and Shanghai Putailai.
Diversification Opportunities for Fujian Newland and Shanghai Putailai
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fujian and Shanghai is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Newland Computer and Shanghai Putailai New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Putailai New and Fujian Newland 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 Newland Computer are associated (or correlated) with Shanghai Putailai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Putailai New has no effect on the direction of Fujian Newland i.e., Fujian Newland and Shanghai Putailai go up and down completely randomly.
Pair Corralation between Fujian Newland and Shanghai Putailai
Assuming the 90 days trading horizon Fujian Newland Computer is expected to generate 0.87 times more return on investment than Shanghai Putailai. However, Fujian Newland Computer is 1.16 times less risky than Shanghai Putailai. It trades about 0.21 of its potential returns per unit of risk. Shanghai Putailai New is currently generating about 0.17 per unit of risk. If you would invest 1,324 in Fujian Newland Computer on September 24, 2024 and sell it today you would earn a total of 750.00 from holding Fujian Newland Computer or generate 56.65% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Fujian Newland Computer vs. Shanghai Putailai New
Performance |
Timeline |
Fujian Newland Computer |
Shanghai Putailai New |
Fujian Newland and Shanghai Putailai Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Fujian Newland and Shanghai Putailai
The main advantage of trading using opposite Fujian Newland and Shanghai Putailai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Newland position performs unexpectedly, Shanghai Putailai 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 Shanghai Putailai will offset losses from the drop in Shanghai Putailai's long position.Fujian Newland vs. Industrial and Commercial | Fujian Newland vs. Agricultural Bank of | Fujian Newland vs. China Construction Bank | Fujian Newland vs. Bank of China |
Shanghai Putailai vs. Jonjee Hi tech Industrial | Shanghai Putailai vs. Guangzhou Haige Communications | Shanghai Putailai vs. GigaDevice SemiconductorBeiji | Shanghai Putailai vs. Fujian Newland Computer |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |