Correlation Between Anhui Huilong and Qingdao Haier
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By analyzing existing cross correlation between Anhui Huilong Agricultural and Qingdao Haier Biomedical, you can compare the effects of market volatilities on Anhui Huilong and Qingdao Haier 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 Anhui Huilong with a short position of Qingdao Haier. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Huilong and Qingdao Haier.
Diversification Opportunities for Anhui Huilong and Qingdao Haier
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anhui and Qingdao is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Huilong Agricultural and Qingdao Haier Biomedical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Haier Biomedical and Anhui Huilong 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 Anhui Huilong Agricultural are associated (or correlated) with Qingdao Haier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Haier Biomedical has no effect on the direction of Anhui Huilong i.e., Anhui Huilong and Qingdao Haier go up and down completely randomly.
Pair Corralation between Anhui Huilong and Qingdao Haier
Assuming the 90 days trading horizon Anhui Huilong Agricultural is expected to generate 1.07 times more return on investment than Qingdao Haier. However, Anhui Huilong is 1.07 times more volatile than Qingdao Haier Biomedical. It trades about 0.03 of its potential returns per unit of risk. Qingdao Haier Biomedical is currently generating about 0.02 per unit of risk. If you would invest 519.00 in Anhui Huilong Agricultural on October 12, 2024 and sell it today you would earn a total of 11.00 from holding Anhui Huilong Agricultural or generate 2.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Huilong Agricultural vs. Qingdao Haier Biomedical
Performance |
| Timeline |
| Anhui Huilong Agricu |
| Qingdao Haier Biomedical |
Anhui Huilong and Qingdao Haier Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Huilong and Qingdao Haier
The main advantage of trading using opposite Anhui Huilong and Qingdao Haier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Huilong position performs unexpectedly, Qingdao Haier 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 Haier will offset losses from the drop in Qingdao Haier's long position.| Anhui Huilong vs. Ingenic Semiconductor | Anhui Huilong vs. Uroica Mining Safety | Anhui Huilong vs. Shengda Mining Co | Anhui Huilong vs. Thinkon Semiconductor Jinzhou |
| Qingdao Haier vs. Innovative Medical Management | Qingdao Haier vs. Fiberhome Telecommunication Technologies | Qingdao Haier vs. Zhejiang JIULI Hi tech | Qingdao Haier vs. Sichuan Jinshi 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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