Correlation Between Anhui Gujing and Queclink Wireless
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By analyzing existing cross correlation between Anhui Gujing Distillery and Queclink Wireless Solutions, you can compare the effects of market volatilities on Anhui Gujing 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 Anhui Gujing with a short position of Queclink Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Queclink Wireless.
Diversification Opportunities for Anhui Gujing and Queclink Wireless
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Anhui and Queclink is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Queclink Wireless Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Queclink Wireless and Anhui Gujing 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 Anhui Gujing Distillery 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 Anhui Gujing i.e., Anhui Gujing and Queclink Wireless go up and down completely randomly.
Pair Corralation between Anhui Gujing and Queclink Wireless
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to under-perform the Queclink Wireless. But the stock apears to be less risky and, when comparing its historical volatility, Anhui Gujing Distillery is 1.89 times less risky than Queclink Wireless. The stock trades about -0.05 of its potential returns per unit of risk. The Queclink Wireless Solutions is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 1,454 in Queclink Wireless Solutions on November 3, 2024 and sell it today you would earn a total of 10.00 from holding Queclink Wireless Solutions or generate 0.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. Queclink Wireless Solutions
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Queclink Wireless |
Anhui Gujing and Queclink Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Queclink Wireless
The main advantage of trading using opposite Anhui Gujing and Queclink Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing 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.| Anhui Gujing vs. Eastroc Beverage Group | Anhui Gujing vs. UE Furniture Co | Anhui Gujing vs. Jiangsu Financial Leasing | Anhui Gujing vs. Ziel Home Furnishing |
| Queclink Wireless vs. Zhejiang Construction Investment | Queclink Wireless vs. Metro Investment Development | Queclink Wireless vs. Hubei Geoway Investment | Queclink Wireless vs. Shanghai Yanpu Metal |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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