Correlation Between Guangdong Qunxing and Double Medical
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By analyzing existing cross correlation between Guangdong Qunxing Toys and Double Medical Technology, you can compare the effects of market volatilities on Guangdong Qunxing and Double Medical 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 Guangdong Qunxing with a short position of Double Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Qunxing and Double Medical.
Diversification Opportunities for Guangdong Qunxing and Double Medical
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guangdong and Double is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Qunxing Toys and Double Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Double Medical Technology and Guangdong Qunxing 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 Guangdong Qunxing Toys are associated (or correlated) with Double Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Double Medical Technology has no effect on the direction of Guangdong Qunxing i.e., Guangdong Qunxing and Double Medical go up and down completely randomly.
Pair Corralation between Guangdong Qunxing and Double Medical
Assuming the 90 days trading horizon Guangdong Qunxing Toys is expected to generate 1.19 times more return on investment than Double Medical. However, Guangdong Qunxing is 1.19 times more volatile than Double Medical Technology. It trades about 0.02 of its potential returns per unit of risk. Double Medical Technology is currently generating about 0.0 per unit of risk. If you would invest 622.00 in Guangdong Qunxing Toys on August 24, 2024 and sell it today you would earn a total of 16.00 from holding Guangdong Qunxing Toys or generate 2.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Guangdong Qunxing Toys vs. Double Medical Technology
Performance |
| Timeline |
| Guangdong Qunxing Toys |
| Double Medical Technology |
Guangdong Qunxing and Double Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Qunxing and Double Medical
The main advantage of trading using opposite Guangdong Qunxing and Double Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Qunxing position performs unexpectedly, Double Medical 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 Double Medical will offset losses from the drop in Double Medical's long position.| Guangdong Qunxing vs. Kweichow Moutai Co | Guangdong Qunxing vs. Contemporary Amperex Technology | Guangdong Qunxing vs. G bits Network Technology | Guangdong Qunxing vs. Beijing Roborock Technology |
| Double Medical vs. China State Construction | Double Medical vs. Poly Real Estate | Double Medical vs. China Vanke Co | Double Medical vs. China Merchants Shekou |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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