Correlation Between Zhejiang Kingland and Qiming Information
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By analyzing existing cross correlation between Zhejiang Kingland Pipeline and Qiming Information Technology, you can compare the effects of market volatilities on Zhejiang Kingland 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 Zhejiang Kingland with a short position of Qiming Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Kingland and Qiming Information.
Diversification Opportunities for Zhejiang Kingland and Qiming Information
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Zhejiang and Qiming is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Kingland Pipeline and Qiming Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qiming Information and Zhejiang Kingland 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 Zhejiang Kingland Pipeline 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 Zhejiang Kingland i.e., Zhejiang Kingland and Qiming Information go up and down completely randomly.
Pair Corralation between Zhejiang Kingland and Qiming Information
Assuming the 90 days trading horizon Zhejiang Kingland Pipeline is expected to generate 0.34 times more return on investment than Qiming Information. However, Zhejiang Kingland Pipeline is 2.93 times less risky than Qiming Information. It trades about -0.13 of its potential returns per unit of risk. Qiming Information Technology is currently generating about -0.13 per unit of risk. If you would invest 600.00 in Zhejiang Kingland Pipeline on October 28, 2024 and sell it today you would lose (18.00) from holding Zhejiang Kingland Pipeline or give up 3.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Kingland Pipeline vs. Qiming Information Technology
Performance |
| Timeline |
| Zhejiang Kingland |
| Qiming Information |
Zhejiang Kingland and Qiming Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Kingland and Qiming Information
The main advantage of trading using opposite Zhejiang Kingland and Qiming Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Kingland 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.| Zhejiang Kingland vs. Spearhead Integrated Marketing | Zhejiang Kingland vs. Linkage Software Co | Zhejiang Kingland vs. Bingo Software Co | Zhejiang Kingland vs. Quectel Wireless Solutions |
| 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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