Correlation Between Xiamen Jihong and Qiaoyin Environmental
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By analyzing existing cross correlation between Xiamen Jihong Package and Qiaoyin Environmental Tech, you can compare the effects of market volatilities on Xiamen Jihong and Qiaoyin Environmental 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 Xiamen Jihong with a short position of Qiaoyin Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiamen Jihong and Qiaoyin Environmental.
Diversification Opportunities for Xiamen Jihong and Qiaoyin Environmental
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xiamen and Qiaoyin is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Xiamen Jihong Package and Qiaoyin Environmental Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qiaoyin Environmental and Xiamen Jihong 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 Xiamen Jihong Package are associated (or correlated) with Qiaoyin Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qiaoyin Environmental has no effect on the direction of Xiamen Jihong i.e., Xiamen Jihong and Qiaoyin Environmental go up and down completely randomly.
Pair Corralation between Xiamen Jihong and Qiaoyin Environmental
Assuming the 90 days trading horizon Xiamen Jihong Package is expected to under-perform the Qiaoyin Environmental. In addition to that, Xiamen Jihong is 1.47 times more volatile than Qiaoyin Environmental Tech. It trades about -0.33 of its total potential returns per unit of risk. Qiaoyin Environmental Tech is currently generating about -0.14 per unit of volatility. If you would invest 1,111 in Qiaoyin Environmental Tech on October 11, 2024 and sell it today you would lose (79.00) from holding Qiaoyin Environmental Tech or give up 7.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiamen Jihong Package vs. Qiaoyin Environmental Tech
Performance |
| Timeline |
| Xiamen Jihong Package |
| Qiaoyin Environmental |
Xiamen Jihong and Qiaoyin Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiamen Jihong and Qiaoyin Environmental
The main advantage of trading using opposite Xiamen Jihong and Qiaoyin Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiamen Jihong position performs unexpectedly, Qiaoyin Environmental 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 Qiaoyin Environmental will offset losses from the drop in Qiaoyin Environmental's long position.| Xiamen Jihong vs. Shenzhen Centralcon Investment | Xiamen Jihong vs. Changchun UP Optotech | Xiamen Jihong vs. Tianshui Huatian Technology | Xiamen Jihong vs. Zoje Resources Investment |
| Qiaoyin Environmental vs. China Asset Management | Qiaoyin Environmental vs. Panda Financial Holding | Qiaoyin Environmental vs. HeNan Splendor Science | Qiaoyin Environmental vs. GRG Banking Equipment |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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