Correlation Between Qingdao Foods and China Shenhua
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By analyzing existing cross correlation between Qingdao Foods Co and China Shenhua Energy, you can compare the effects of market volatilities on Qingdao Foods and China Shenhua 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 Qingdao Foods with a short position of China Shenhua. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Foods and China Shenhua.
Diversification Opportunities for Qingdao Foods and China Shenhua
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Qingdao and China is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Foods Co and China Shenhua Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Shenhua Energy and Qingdao Foods 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 Qingdao Foods Co are associated (or correlated) with China Shenhua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Shenhua Energy has no effect on the direction of Qingdao Foods i.e., Qingdao Foods and China Shenhua go up and down completely randomly.
Pair Corralation between Qingdao Foods and China Shenhua
If you would invest 1,321 in Qingdao Foods Co on November 4, 2024 and sell it today you would earn a total of 4.00 from holding Qingdao Foods Co or generate 0.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Qingdao Foods Co vs. China Shenhua Energy
Performance |
| Timeline |
| Qingdao Foods |
| China Shenhua Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Qingdao Foods and China Shenhua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Foods and China Shenhua
The main advantage of trading using opposite Qingdao Foods and China Shenhua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Foods position performs unexpectedly, China Shenhua 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 China Shenhua will offset losses from the drop in China Shenhua's long position.| Qingdao Foods vs. Xinjiang Baodi Mining | Qingdao Foods vs. Ningbo Construction Co | Qingdao Foods vs. Shenzhen Zhongzhuang Construction | Qingdao Foods vs. Huasi Agricultural Development |
| China Shenhua vs. Threes Company Media | China Shenhua vs. Spring Airlines Co | China Shenhua vs. Changjiang Publishing Media | China Shenhua vs. Beijing Yanjing Brewery |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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