Correlation Between Guangdong Qunxing and Beijing Roborock
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By analyzing existing cross correlation between Guangdong Qunxing Toys and Beijing Roborock Technology, you can compare the effects of market volatilities on Guangdong Qunxing and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Qunxing and Beijing Roborock.
Diversification Opportunities for Guangdong Qunxing and Beijing Roborock
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Guangdong and Beijing is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Qunxing Toys and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Guangdong Qunxing i.e., Guangdong Qunxing and Beijing Roborock go up and down completely randomly.
Pair Corralation between Guangdong Qunxing and Beijing Roborock
Assuming the 90 days trading horizon Guangdong Qunxing Toys is expected to generate 0.68 times more return on investment than Beijing Roborock. However, Guangdong Qunxing Toys is 1.48 times less risky than Beijing Roborock. It trades about 0.08 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about -0.1 per unit of risk. If you would invest 513.00 in Guangdong Qunxing Toys on August 30, 2024 and sell it today you would earn a total of 158.00 from holding Guangdong Qunxing Toys or generate 30.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Qunxing Toys vs. Beijing Roborock Technology
Performance |
| Timeline |
| Guangdong Qunxing Toys |
| Beijing Roborock Tec |
Guangdong Qunxing and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Qunxing and Beijing Roborock
The main advantage of trading using opposite Guangdong Qunxing and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Qunxing position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Guangdong Qunxing vs. Cambricon Technologies Corp | Guangdong Qunxing vs. Loongson Technology Corp | Guangdong Qunxing vs. Shenzhen Fortune Trend | Guangdong Qunxing vs. Chongqing Road Bridge |
| Beijing Roborock vs. Jinhui Liquor Co | Beijing Roborock vs. Guangdong Qunxing Toys | Beijing Roborock vs. Guangzhou Automobile Group | Beijing Roborock vs. Jiangyin Jianghua Microelectronics |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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