Correlation Between Impulse Qingdao and HaiXin Foods
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By analyzing existing cross correlation between Impulse Qingdao Health and HaiXin Foods Co, you can compare the effects of market volatilities on Impulse Qingdao and HaiXin Foods 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 Impulse Qingdao with a short position of HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and HaiXin Foods.
Diversification Opportunities for Impulse Qingdao and HaiXin Foods
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Impulse and HaiXin is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods and Impulse Qingdao 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 Impulse Qingdao Health are associated (or correlated) with HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Impulse Qingdao i.e., Impulse Qingdao and HaiXin Foods go up and down completely randomly.
Pair Corralation between Impulse Qingdao and HaiXin Foods
Assuming the 90 days trading horizon Impulse Qingdao Health is expected to generate 1.08 times more return on investment than HaiXin Foods. However, Impulse Qingdao is 1.08 times more volatile than HaiXin Foods Co. It trades about 0.08 of its potential returns per unit of risk. HaiXin Foods Co is currently generating about -0.07 per unit of risk. If you would invest 2,184 in Impulse Qingdao Health on October 23, 2024 and sell it today you would earn a total of 113.00 from holding Impulse Qingdao Health or generate 5.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Impulse Qingdao Health vs. HaiXin Foods Co
Performance |
| Timeline |
| Impulse Qingdao Health |
| HaiXin Foods |
Impulse Qingdao and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impulse Qingdao and HaiXin Foods
The main advantage of trading using opposite Impulse Qingdao and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Impulse Qingdao vs. Kontour Medical Technology | Impulse Qingdao vs. Allmed Medical Products | Impulse Qingdao vs. Hengkang Medical Group | Impulse Qingdao vs. CareRay Digital Medical |
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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