Correlation Between Qiming Information and Pengxin International
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By analyzing existing cross correlation between Qiming Information Technology and Pengxin International Mining, you can compare the effects of market volatilities on Qiming Information and Pengxin International 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 Pengxin International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiming Information and Pengxin International.
Diversification Opportunities for Qiming Information and Pengxin International
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Qiming and Pengxin is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Qiming Information Technology and Pengxin International Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pengxin International 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 Pengxin International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pengxin International has no effect on the direction of Qiming Information i.e., Qiming Information and Pengxin International go up and down completely randomly.
Pair Corralation between Qiming Information and Pengxin International
Assuming the 90 days trading horizon Qiming Information Technology is expected to under-perform the Pengxin International. But the stock apears to be less risky and, when comparing its historical volatility, Qiming Information Technology is 1.3 times less risky than Pengxin International. The stock trades about -0.22 of its potential returns per unit of risk. The Pengxin International Mining is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 332.00 in Pengxin International Mining on October 14, 2024 and sell it today you would lose (37.00) from holding Pengxin International Mining or give up 11.14% 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. Pengxin International Mining
Performance |
| Timeline |
| Qiming Information |
| Pengxin International |
Qiming Information and Pengxin International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiming Information and Pengxin International
The main advantage of trading using opposite Qiming Information and Pengxin International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiming Information position performs unexpectedly, Pengxin International 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 Pengxin International will offset losses from the drop in Pengxin International's long position.| Qiming Information vs. Heren Health Co | Qiming Information vs. Zhejiang Kingland Pipeline | Qiming Information vs. Shandong Longquan Pipeline | Qiming Information vs. Huatian Hotel Group |
| Pengxin International vs. Vohringer Home Technology | Pengxin International vs. Ningbo Kangqiang Electronics | Pengxin International vs. Oppein Home Group | Pengxin International vs. Shandong Homey Aquatic |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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