Correlation Between Haima Automobile and Queclink Wireless
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By analyzing existing cross correlation between Haima Automobile Group and Queclink Wireless Solutions, you can compare the effects of market volatilities on Haima Automobile and Queclink Wireless 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 Haima Automobile with a short position of Queclink Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Queclink Wireless.
Diversification Opportunities for Haima Automobile and Queclink Wireless
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Haima and Queclink is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Queclink Wireless Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Queclink Wireless and Haima Automobile 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 Haima Automobile Group are associated (or correlated) with Queclink Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Queclink Wireless has no effect on the direction of Haima Automobile i.e., Haima Automobile and Queclink Wireless go up and down completely randomly.
Pair Corralation between Haima Automobile and Queclink Wireless
Assuming the 90 days trading horizon Haima Automobile Group is expected to under-perform the Queclink Wireless. But the stock apears to be less risky and, when comparing its historical volatility, Haima Automobile Group is 1.02 times less risky than Queclink Wireless. The stock trades about -0.06 of its potential returns per unit of risk. The Queclink Wireless Solutions is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,370 in Queclink Wireless Solutions on October 17, 2024 and sell it today you would earn a total of 39.00 from holding Queclink Wireless Solutions or generate 2.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Queclink Wireless Solutions
Performance |
| Timeline |
| Haima Automobile |
| Queclink Wireless |
Haima Automobile and Queclink Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Queclink Wireless
The main advantage of trading using opposite Haima Automobile and Queclink Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Queclink Wireless 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 Queclink Wireless will offset losses from the drop in Queclink Wireless' long position.| Haima Automobile vs. Kontour Medical Technology | Haima Automobile vs. Guangdong Transtek Medical | Haima Automobile vs. Tieling Newcity Investment | Haima Automobile vs. Zhonghong Pulin Medical |
| Queclink Wireless vs. Xiangyang Automobile Bearing | Queclink Wireless vs. Haima Automobile Group | Queclink Wireless vs. Beijing Kingsoft Office | Queclink Wireless vs. Wuhan Yangtze Communication |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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