Correlation Between Qiming Information and Anyang Iron
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By analyzing existing cross correlation between Qiming Information Technology and Anyang Iron Steel, you can compare the effects of market volatilities on Qiming Information and Anyang Iron 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 Anyang Iron. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiming Information and Anyang Iron.
Diversification Opportunities for Qiming Information and Anyang Iron
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Qiming and Anyang is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Qiming Information Technology and Anyang Iron Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anyang Iron Steel 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 Anyang Iron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anyang Iron Steel has no effect on the direction of Qiming Information i.e., Qiming Information and Anyang Iron go up and down completely randomly.
Pair Corralation between Qiming Information and Anyang Iron
Assuming the 90 days trading horizon Qiming Information Technology is expected to generate 1.65 times more return on investment than Anyang Iron. However, Qiming Information is 1.65 times more volatile than Anyang Iron Steel. It trades about 0.03 of its potential returns per unit of risk. Anyang Iron Steel is currently generating about -0.01 per unit of risk. If you would invest 1,450 in Qiming Information Technology on October 14, 2024 and sell it today you would earn a total of 396.00 from holding Qiming Information Technology or generate 27.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qiming Information Technology vs. Anyang Iron Steel
Performance |
| Timeline |
| Qiming Information |
| Anyang Iron Steel |
Qiming Information and Anyang Iron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiming Information and Anyang Iron
The main advantage of trading using opposite Qiming Information and Anyang Iron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiming Information position performs unexpectedly, Anyang Iron 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 Anyang Iron will offset losses from the drop in Anyang Iron's long position.| Qiming Information vs. Ligao Foods CoLtd | Qiming Information vs. Aofu Environmental Technology | Qiming Information vs. Guangdong Wens Foodstuff | Qiming Information vs. Anyang Iron Steel |
| Anyang Iron vs. Qiming Information Technology | Anyang Iron vs. Jason Furniture | Anyang Iron vs. Beijing Kingsoft Office | Anyang Iron 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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