Correlation Between Guangdong Qunxing and Porton Fine
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By analyzing existing cross correlation between Guangdong Qunxing Toys and Porton Fine Chemicals, you can compare the effects of market volatilities on Guangdong Qunxing and Porton Fine 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 Porton Fine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Qunxing and Porton Fine.
Diversification Opportunities for Guangdong Qunxing and Porton Fine
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Guangdong and Porton is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Qunxing Toys and Porton Fine Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Porton Fine Chemicals 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 Porton Fine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Porton Fine Chemicals has no effect on the direction of Guangdong Qunxing i.e., Guangdong Qunxing and Porton Fine go up and down completely randomly.
Pair Corralation between Guangdong Qunxing and Porton Fine
Assuming the 90 days trading horizon Guangdong Qunxing Toys is expected to under-perform the Porton Fine. In addition to that, Guangdong Qunxing is 2.43 times more volatile than Porton Fine Chemicals. It trades about -0.29 of its total potential returns per unit of risk. Porton Fine Chemicals is currently generating about 0.11 per unit of volatility. If you would invest 1,527 in Porton Fine Chemicals on November 3, 2024 and sell it today you would earn a total of 49.00 from holding Porton Fine Chemicals or generate 3.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Qunxing Toys vs. Porton Fine Chemicals
Performance |
| Timeline |
| Guangdong Qunxing Toys |
| Porton Fine Chemicals |
Guangdong Qunxing and Porton Fine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Qunxing and Porton Fine
The main advantage of trading using opposite Guangdong Qunxing and Porton Fine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Qunxing position performs unexpectedly, Porton Fine 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 Porton Fine will offset losses from the drop in Porton Fine's long position.| Guangdong Qunxing vs. New China Life | Guangdong Qunxing vs. Ming Yang Smart | Guangdong Qunxing vs. 159681 | Guangdong Qunxing vs. 159005 |
| Porton Fine vs. Shenzhen Centralcon Investment | Porton Fine vs. Ingenic Semiconductor | Porton Fine vs. Henan Shuanghui Investment | Porton Fine vs. Xiandai Investment Co |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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