Correlation Between Qiming Information and Northking Information
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By analyzing existing cross correlation between Qiming Information Technology and Northking Information Technology, you can compare the effects of market volatilities on Qiming Information and Northking 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 Qiming Information with a short position of Northking Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiming Information and Northking Information.
Diversification Opportunities for Qiming Information and Northking Information
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Qiming and Northking is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Qiming Information Technology and Northking Information Technolo in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Northking Information and Qiming Information 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 Qiming Information Technology are associated (or correlated) with Northking Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Northking Information has no effect on the direction of Qiming Information i.e., Qiming Information and Northking Information go up and down completely randomly.
Pair Corralation between Qiming Information and Northking Information
Assuming the 90 days trading horizon Qiming Information Technology is expected to under-perform the Northking Information. In addition to that, Qiming Information is 1.25 times more volatile than Northking Information Technology. It trades about -0.13 of its total potential returns per unit of risk. Northking Information Technology is currently generating about -0.05 per unit of volatility. If you would invest 1,477 in Northking Information Technology on October 28, 2024 and sell it today you would lose (48.00) from holding Northking Information Technology or give up 3.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qiming Information Technology vs. Northking Information Technolo
Performance |
| Timeline |
| Qiming Information |
| Northking Information |
Qiming Information and Northking Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiming Information and Northking Information
The main advantage of trading using opposite Qiming Information and Northking Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiming Information position performs unexpectedly, Northking 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 Northking Information will offset losses from the drop in Northking Information's long position.| Qiming Information vs. Bank of China | Qiming Information vs. Kweichow Moutai Co | Qiming Information vs. PetroChina Co Ltd | Qiming Information vs. Bank of Communications |
| Northking Information vs. China State Construction | Northking Information vs. Poly Real Estate | Northking Information vs. China Vanke Co | Northking Information vs. China Merchants Shekou |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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