Correlation Between Qiming Information and Hangzhou Gisway
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By analyzing existing cross correlation between Qiming Information Technology and Hangzhou Gisway Information, you can compare the effects of market volatilities on Qiming Information and Hangzhou Gisway 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 Hangzhou Gisway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiming Information and Hangzhou Gisway.
Diversification Opportunities for Qiming Information and Hangzhou Gisway
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Qiming and Hangzhou is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Qiming Information Technology and Hangzhou Gisway Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gisway Info 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 Hangzhou Gisway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gisway Info has no effect on the direction of Qiming Information i.e., Qiming Information and Hangzhou Gisway go up and down completely randomly.
Pair Corralation between Qiming Information and Hangzhou Gisway
Assuming the 90 days trading horizon Qiming Information Technology is expected to generate 0.98 times more return on investment than Hangzhou Gisway. However, Qiming Information Technology is 1.02 times less risky than Hangzhou Gisway. It trades about -0.13 of its potential returns per unit of risk. Hangzhou Gisway Information is currently generating about -0.15 per unit of risk. If you would invest 2,028 in Qiming Information Technology on October 28, 2024 and sell it today you would lose (181.00) from holding Qiming Information Technology or give up 8.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qiming Information Technology vs. Hangzhou Gisway Information
Performance |
| Timeline |
| Qiming Information |
| Hangzhou Gisway Info |
Qiming Information and Hangzhou Gisway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiming Information and Hangzhou Gisway
The main advantage of trading using opposite Qiming Information and Hangzhou Gisway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiming Information position performs unexpectedly, Hangzhou Gisway 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 Hangzhou Gisway will offset losses from the drop in Hangzhou Gisway'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 |
| Hangzhou Gisway vs. Hubei Geoway Investment | Hangzhou Gisway vs. Winner Medical Co | Hangzhou Gisway vs. Qingdao Haier Biomedical | Hangzhou Gisway vs. Zhongzhu Medical 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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