Correlation Between Anhui Deli and Qijing Machinery
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By analyzing existing cross correlation between Anhui Deli Household and Qijing Machinery, you can compare the effects of market volatilities on Anhui Deli and Qijing Machinery 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 Deli with a short position of Qijing Machinery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Deli and Qijing Machinery.
Diversification Opportunities for Anhui Deli and Qijing Machinery
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Anhui and Qijing is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Deli Household and Qijing Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qijing Machinery and Anhui Deli 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 Deli Household are associated (or correlated) with Qijing Machinery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qijing Machinery has no effect on the direction of Anhui Deli i.e., Anhui Deli and Qijing Machinery go up and down completely randomly.
Pair Corralation between Anhui Deli and Qijing Machinery
Assuming the 90 days trading horizon Anhui Deli Household is expected to generate 0.97 times more return on investment than Qijing Machinery. However, Anhui Deli Household is 1.03 times less risky than Qijing Machinery. It trades about 0.52 of its potential returns per unit of risk. Qijing Machinery is currently generating about 0.3 per unit of risk. If you would invest 408.00 in Anhui Deli Household on November 27, 2024 and sell it today you would earn a total of 116.00 from holding Anhui Deli Household or generate 28.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Deli Household vs. Qijing Machinery
Performance |
| Timeline |
| Anhui Deli Household |
| Qijing Machinery |
Anhui Deli and Qijing Machinery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Deli and Qijing Machinery
The main advantage of trading using opposite Anhui Deli and Qijing Machinery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Deli position performs unexpectedly, Qijing Machinery 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 Qijing Machinery will offset losses from the drop in Qijing Machinery's long position.| Anhui Deli vs. Kuang Chi Technologies | Anhui Deli vs. CICT Mobile Communication | Anhui Deli vs. iSoftStone Information Technology | Anhui Deli vs. Allwin Telecommunication Co |
| Qijing Machinery vs. Sinomach Automobile Co | Qijing Machinery vs. Dongfeng Automobile Co | Qijing Machinery vs. Guangzhou KingTeller Technology | Qijing Machinery vs. Haima Automobile Group |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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