Correlation Between China Securities and Qingdao Baheal
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By analyzing existing cross correlation between China Securities 800 and Qingdao Baheal Medical, you can compare the effects of market volatilities on China Securities and Qingdao Baheal 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 China Securities with a short position of Qingdao Baheal. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Qingdao Baheal.
Diversification Opportunities for China Securities and Qingdao Baheal
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Qingdao is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and Qingdao Baheal Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Baheal Medical and China Securities 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 China Securities 800 are associated (or correlated) with Qingdao Baheal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Baheal Medical has no effect on the direction of China Securities i.e., China Securities and Qingdao Baheal go up and down completely randomly.
Pair Corralation between China Securities and Qingdao Baheal
Assuming the 90 days trading horizon China Securities is expected to generate 5.75 times less return on investment than Qingdao Baheal. But when comparing it to its historical volatility, China Securities 800 is 2.48 times less risky than Qingdao Baheal. It trades about 0.01 of its potential returns per unit of risk. Qingdao Baheal Medical is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 2,227 in Qingdao Baheal Medical on September 12, 2024 and sell it today you would earn a total of 526.00 from holding Qingdao Baheal Medical or generate 23.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. Qingdao Baheal Medical
Performance |
| Timeline |
China Securities and Qingdao Baheal Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Qingdao Baheal Medical
Pair trading matchups for Qingdao Baheal
Pair Trading with China Securities and Qingdao Baheal
The main advantage of trading using opposite China Securities and Qingdao Baheal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, Qingdao Baheal 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 Qingdao Baheal will offset losses from the drop in Qingdao Baheal's long position.| China Securities vs. Ningxia Building Materials | China Securities vs. Western Metal Materials | China Securities vs. Ningbo Bohui Chemical | China Securities vs. Hengerda New Materials |
| Qingdao Baheal vs. Cultural Investment Holdings | Qingdao Baheal vs. Gome Telecom Equipment | Qingdao Baheal vs. Holitech Technology Co | Qingdao Baheal vs. Zotye Automobile Co |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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