Correlation Between Guangzhou Haige and Qingdao Baheal
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangzhou Haige Communications and Qingdao Baheal Medical, you can compare the effects of market volatilities on Guangzhou Haige and Qingdao Baheal 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 Guangzhou Haige with a short position of Qingdao Baheal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Haige and Qingdao Baheal.
Diversification Opportunities for Guangzhou Haige and Qingdao Baheal
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Guangzhou and Qingdao is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Haige Communications and Qingdao Baheal Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Baheal Medical and Guangzhou Haige 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 Guangzhou Haige Communications are associated (or correlated) with Qingdao Baheal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Baheal Medical has no effect on the direction of Guangzhou Haige i.e., Guangzhou Haige and Qingdao Baheal go up and down completely randomly.
Pair Corralation between Guangzhou Haige and Qingdao Baheal
Assuming the 90 days trading horizon Guangzhou Haige Communications is expected to generate 0.82 times more return on investment than Qingdao Baheal. However, Guangzhou Haige Communications is 1.22 times less risky than Qingdao Baheal. It trades about 0.06 of its potential returns per unit of risk. Qingdao Baheal Medical is currently generating about 0.01 per unit of risk. If you would invest 1,048 in Guangzhou Haige Communications on September 14, 2024 and sell it today you would earn a total of 173.00 from holding Guangzhou Haige Communications or generate 16.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Haige Communications vs. Qingdao Baheal Medical
Performance |
| Timeline |
| Guangzhou Haige Comm |
| Qingdao Baheal Medical |
Guangzhou Haige and Qingdao Baheal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Haige and Qingdao Baheal
The main advantage of trading using opposite Guangzhou Haige and Qingdao Baheal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Haige position performs unexpectedly, Qingdao Baheal 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 Qingdao Baheal will offset losses from the drop in Qingdao Baheal's long position.| Guangzhou Haige vs. Industrial and Commercial | Guangzhou Haige vs. China Construction Bank | Guangzhou Haige vs. Bank of China | Guangzhou Haige vs. Agricultural Bank of |
| Qingdao Baheal vs. BeiGene | Qingdao Baheal vs. Kweichow Moutai Co | Qingdao Baheal vs. Beijing Roborock Technology | Qingdao Baheal vs. G bits Network Technology |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |