Correlation Between Beijing Bewinner and Qiming Information
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Bewinner Communications and Qiming Information Technology, you can compare the effects of market volatilities on Beijing Bewinner and Qiming Information 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 Beijing Bewinner with a short position of Qiming Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Qiming Information.
Diversification Opportunities for Beijing Bewinner and Qiming Information
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Beijing and Qiming is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Qiming Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qiming Information and Beijing Bewinner 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 Beijing Bewinner Communications are associated (or correlated) with Qiming Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qiming Information has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Qiming Information go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Qiming Information
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 1.39 times more return on investment than Qiming Information. However, Beijing Bewinner is 1.39 times more volatile than Qiming Information Technology. It trades about 0.05 of its potential returns per unit of risk. Qiming Information Technology is currently generating about -0.09 per unit of risk. If you would invest 634.00 in Beijing Bewinner Communications on October 30, 2024 and sell it today you would earn a total of 31.00 from holding Beijing Bewinner Communications or generate 4.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Qiming Information Technology
Performance |
| Timeline |
| Beijing Bewinner Com |
| Qiming Information |
Beijing Bewinner and Qiming Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Qiming Information
The main advantage of trading using opposite Beijing Bewinner and Qiming Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Qiming Information 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 Qiming Information will offset losses from the drop in Qiming Information's long position.| Beijing Bewinner vs. Bosera CMSK Industrial | Beijing Bewinner vs. Western Metal Materials | Beijing Bewinner vs. Pengxin International Mining | Beijing Bewinner vs. Jiangsu Jinling Sports |
| Qiming Information vs. Bank of China | Qiming Information vs. Kweichow Moutai Co | Qiming Information vs. PetroChina Co Ltd | Qiming Information vs. Bank of Communications |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Transaction History View history of all your transactions and understand their impact on performance |