Correlation Between FUJIAN AONONG and Immunoprecise Antibodies

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Can any of the company-specific risk be diversified away by investing in both FUJIAN AONONG and Immunoprecise Antibodies at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining FUJIAN AONONG and Immunoprecise Antibodies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FUJIAN AONONG BIOLOGICAL and Immunoprecise Antibodies, you can compare the effects of market volatilities on FUJIAN AONONG and Immunoprecise Antibodies 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 AONONG with a short position of Immunoprecise Antibodies. Check out your portfolio center. Please also check ongoing floating volatility patterns of FUJIAN AONONG and Immunoprecise Antibodies.

Diversification Opportunities for FUJIAN AONONG and Immunoprecise Antibodies

0.32
  Correlation Coefficient

Weak diversification

The 3 months correlation between FUJIAN and Immunoprecise is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding FUJIAN AONONG BIOLOGICAL TECHN and Immunoprecise Antibodies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immunoprecise Antibodies and FUJIAN AONONG 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 AONONG BIOLOGICAL are associated (or correlated) with Immunoprecise Antibodies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immunoprecise Antibodies has no effect on the direction of FUJIAN AONONG i.e., FUJIAN AONONG and Immunoprecise Antibodies go up and down completely randomly.

Pair Corralation between FUJIAN AONONG and Immunoprecise Antibodies

Assuming the 90 days trading horizon FUJIAN AONONG BIOLOGICAL is expected to generate 1.44 times more return on investment than Immunoprecise Antibodies. However, FUJIAN AONONG is 1.44 times more volatile than Immunoprecise Antibodies. It trades about 0.38 of its potential returns per unit of risk. Immunoprecise Antibodies is currently generating about -0.28 per unit of risk. If you would invest  1,548  in FUJIAN AONONG BIOLOGICAL on April 8, 2022 and sell it today you would earn a total of  658.00  from holding FUJIAN AONONG BIOLOGICAL or generate 42.51% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy80.95%
ValuesDaily Returns

FUJIAN AONONG BIOLOGICAL TECHN  vs.  Immunoprecise Antibodies

 Performance (%) 
      Timeline 
FUJIAN AONONG BIOLOG 
FUJIAN Performance
0 of 100
Over the last 90 days FUJIAN AONONG BIOLOGICAL has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, FUJIAN AONONG is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

FUJIAN Price Channel

Immunoprecise Antibodies 
Immunoprecise Performance
0 of 100
Over the last 90 days Immunoprecise Antibodies has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in August 2022. The current disturbance may also be a sign of long term up-swing for the company investors.

Structure and Payout Changes

Last Split Factor
1:5
Dividend Date
2020-11-23
Last Split Date
2020-11-23

Immunoprecise Price Channel

FUJIAN AONONG and Immunoprecise Antibodies Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with FUJIAN AONONG and Immunoprecise Antibodies

The main advantage of trading using opposite FUJIAN AONONG and Immunoprecise Antibodies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FUJIAN AONONG position performs unexpectedly, Immunoprecise Antibodies 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 Immunoprecise Antibodies will offset losses from the drop in Immunoprecise Antibodies' long position.

FUJIAN AONONG BIOLOGICAL

Pair trading matchups for FUJIAN AONONG

Invesco Mortgage vs. FUJIAN AONONG
GM vs. FUJIAN AONONG
Embark Technology vs. FUJIAN AONONG
Trivago NV vs. FUJIAN AONONG
Alibaba Group vs. FUJIAN AONONG
Sachem Capital vs. FUJIAN AONONG
Meta Platforms vs. FUJIAN AONONG
Merck vs. FUJIAN AONONG
Vmware vs. FUJIAN AONONG
Walker Dunlop vs. FUJIAN AONONG
Twitter vs. FUJIAN AONONG
The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against FUJIAN AONONG as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. FUJIAN AONONG's systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, FUJIAN AONONG's unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to FUJIAN AONONG BIOLOGICAL.
The idea behind FUJIAN AONONG BIOLOGICAL and Immunoprecise Antibodies pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

Immunoprecise Antibodies

Pair trading matchups for Immunoprecise Antibodies

GM vs. Immunoprecise Antibodies
Walker Dunlop vs. Immunoprecise Antibodies
Ford vs. Immunoprecise Antibodies
Invesco Mortgage vs. Immunoprecise Antibodies
Merck vs. Immunoprecise Antibodies
Vmware vs. Immunoprecise Antibodies
Embark Technology vs. Immunoprecise Antibodies
VISA INC vs. Immunoprecise Antibodies
Meta Platforms vs. Immunoprecise Antibodies
Eli Lilly vs. Immunoprecise Antibodies
Trivago NV vs. Immunoprecise Antibodies
The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against Immunoprecise Antibodies as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. Immunoprecise Antibodies' systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, Immunoprecise Antibodies' unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to Immunoprecise Antibodies.
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.

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