Correlation Between Beijing Roborock and Fujian Forecam
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By analyzing existing cross correlation between Beijing Roborock Technology and Fujian Forecam Optics, you can compare the effects of market volatilities on Beijing Roborock and Fujian Forecam 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 Beijing Roborock with a short position of Fujian Forecam. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Fujian Forecam.
Diversification Opportunities for Beijing Roborock and Fujian Forecam
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Beijing and Fujian is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Fujian Forecam Optics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Forecam Optics and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Fujian Forecam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Forecam Optics has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Fujian Forecam go up and down completely randomly.
Pair Corralation between Beijing Roborock and Fujian Forecam
Assuming the 90 days trading horizon Beijing Roborock is expected to generate 57.98 times less return on investment than Fujian Forecam. But when comparing it to its historical volatility, Beijing Roborock Technology is 1.43 times less risky than Fujian Forecam. It trades about 0.01 of its potential returns per unit of risk. Fujian Forecam Optics is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,333 in Fujian Forecam Optics on September 13, 2024 and sell it today you would earn a total of 1,880 from holding Fujian Forecam Optics or generate 141.04% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Beijing Roborock Technology vs. Fujian Forecam Optics
Performance |
Timeline |
Beijing Roborock Tec |
Fujian Forecam Optics |
Beijing Roborock and Fujian Forecam Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Beijing Roborock and Fujian Forecam
The main advantage of trading using opposite Beijing Roborock and Fujian Forecam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Fujian Forecam 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 Fujian Forecam will offset losses from the drop in Fujian Forecam's long position.Beijing Roborock vs. Sino Platinum Metals Co | Beijing Roborock vs. Hengli Industrial Development | Beijing Roborock vs. Hang Xiao Steel | Beijing Roborock vs. Qiaoyin Environmental Tech |
Fujian Forecam vs. Shanghai Metersbonwe FashionAccessories | Fujian Forecam vs. Shaanxi Energy Investment | Fujian Forecam vs. Xiandai Investment Co | Fujian Forecam vs. Kunwu Jiuding 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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