Correlation Between CGN Nuclear and Quectel Wireless
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By analyzing existing cross correlation between CGN Nuclear Technology and Quectel Wireless Solutions, you can compare the effects of market volatilities on CGN Nuclear and Quectel 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 CGN Nuclear with a short position of Quectel Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of CGN Nuclear and Quectel Wireless.
Diversification Opportunities for CGN Nuclear and Quectel Wireless
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CGN and Quectel is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding CGN Nuclear Technology and Quectel Wireless Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quectel Wireless Sol and CGN Nuclear 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 CGN Nuclear Technology are associated (or correlated) with Quectel Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quectel Wireless Sol has no effect on the direction of CGN Nuclear i.e., CGN Nuclear and Quectel Wireless go up and down completely randomly.
Pair Corralation between CGN Nuclear and Quectel Wireless
Assuming the 90 days trading horizon CGN Nuclear Technology is expected to under-perform the Quectel Wireless. But the stock apears to be less risky and, when comparing its historical volatility, CGN Nuclear Technology is 2.73 times less risky than Quectel Wireless. The stock trades about -0.19 of its potential returns per unit of risk. The Quectel Wireless Solutions is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 4,991 in Quectel Wireless Solutions on October 30, 2024 and sell it today you would earn a total of 3,975 from holding Quectel Wireless Solutions or generate 79.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CGN Nuclear Technology vs. Quectel Wireless Solutions
Performance |
| Timeline |
| CGN Nuclear Technology |
| Quectel Wireless Sol |
CGN Nuclear and Quectel Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CGN Nuclear and Quectel Wireless
The main advantage of trading using opposite CGN Nuclear and Quectel Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CGN Nuclear position performs unexpectedly, Quectel 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 Quectel Wireless will offset losses from the drop in Quectel Wireless' long position.| CGN Nuclear vs. Sinocelltech Group | CGN Nuclear vs. Ningbo Kangqiang Electronics | CGN Nuclear vs. Citic Offshore Helicopter | CGN Nuclear vs. LianChuang Electronic Technology |
| Quectel Wireless vs. Bus Online Co | Quectel Wireless vs. Holitech Technology Co | Quectel Wireless vs. Gome Telecom Equipment | Quectel Wireless vs. Cultural Investment Holdings |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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