Correlation Between FibroGen and Value Grupo
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By analyzing existing cross correlation between FibroGen and Value Grupo Financiero, you can compare the effects of market volatilities on FibroGen and Value Grupo 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 FibroGen with a short position of Value Grupo. Check out your portfolio center. Please also check ongoing floating volatility patterns of FibroGen and Value Grupo.
Diversification Opportunities for FibroGen and Value Grupo
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between FibroGen and Value is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding FibroGen and Value Grupo Financiero in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Value Grupo Financiero and FibroGen 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 FibroGen are associated (or correlated) with Value Grupo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Value Grupo Financiero has no effect on the direction of FibroGen i.e., FibroGen and Value Grupo go up and down completely randomly.
Pair Corralation between FibroGen and Value Grupo
Assuming the 90 days trading horizon FibroGen is expected to generate 2.34 times more return on investment than Value Grupo. However, FibroGen is 2.34 times more volatile than Value Grupo Financiero. It trades about 0.19 of its potential returns per unit of risk. Value Grupo Financiero is currently generating about 0.22 per unit of risk. If you would invest 794.00 in FibroGen on September 25, 2024 and sell it today you would earn a total of 225.00 from holding FibroGen or generate 28.34% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
FibroGen vs. Value Grupo Financiero
Performance |
Timeline |
FibroGen |
Value Grupo Financiero |
FibroGen and Value Grupo Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with FibroGen and Value Grupo
The main advantage of trading using opposite FibroGen and Value Grupo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FibroGen position performs unexpectedly, Value Grupo 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 Value Grupo will offset losses from the drop in Value Grupo's long position.FibroGen vs. Vertex Pharmaceuticals | FibroGen vs. McEwen Mining | FibroGen vs. Promotora y Operadora | FibroGen vs. The Boeing |
Value Grupo vs. Samsung Electronics Co | Value Grupo vs. Taiwan Semiconductor Manufacturing | Value Grupo vs. JPMorgan Chase Co | Value Grupo vs. Bank of America |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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