Correlation Between Beijing Kaiwen and Qilu Bank
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By analyzing existing cross correlation between Beijing Kaiwen Education and Qilu Bank Co, you can compare the effects of market volatilities on Beijing Kaiwen and Qilu Bank 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 Beijing Kaiwen with a short position of Qilu Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Kaiwen and Qilu Bank.
Diversification Opportunities for Beijing Kaiwen and Qilu Bank
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Qilu is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Kaiwen Education and Qilu Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qilu Bank and Beijing Kaiwen 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 Beijing Kaiwen Education are associated (or correlated) with Qilu Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qilu Bank has no effect on the direction of Beijing Kaiwen i.e., Beijing Kaiwen and Qilu Bank go up and down completely randomly.
Pair Corralation between Beijing Kaiwen and Qilu Bank
Assuming the 90 days trading horizon Beijing Kaiwen is expected to generate 4.1 times less return on investment than Qilu Bank. In addition to that, Beijing Kaiwen is 1.93 times more volatile than Qilu Bank Co. It trades about 0.01 of its total potential returns per unit of risk. Qilu Bank Co is currently generating about 0.06 per unit of volatility. If you would invest 377.00 in Qilu Bank Co on October 27, 2024 and sell it today you would earn a total of 174.00 from holding Qilu Bank Co or generate 46.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Kaiwen Education vs. Qilu Bank Co
Performance |
| Timeline |
| Beijing Kaiwen Education |
| Qilu Bank |
Beijing Kaiwen and Qilu Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Kaiwen and Qilu Bank
The main advantage of trading using opposite Beijing Kaiwen and Qilu Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Kaiwen position performs unexpectedly, Qilu Bank 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 Qilu Bank will offset losses from the drop in Qilu Bank's long position.| Beijing Kaiwen vs. Great Sun Foods Co | Beijing Kaiwen vs. Hangzhou Arcvideo Technology | Beijing Kaiwen vs. Xiwang Foodstuffs Co | Beijing Kaiwen vs. Dymatic Chemicals |
| Qilu Bank vs. Tianjin Silvery Dragon | Qilu Bank vs. TianJin 712 Communication | Qilu Bank vs. Chenzhou Jingui Silver | Qilu Bank vs. Hainan Airlines 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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