Correlation Between Impulse Qingdao and Lecron Energy
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By analyzing existing cross correlation between Impulse Qingdao Health and Lecron Energy Saving, you can compare the effects of market volatilities on Impulse Qingdao and Lecron Energy 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 Lecron Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and Lecron Energy.
Diversification Opportunities for Impulse Qingdao and Lecron Energy
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Impulse and Lecron is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health and Lecron Energy Saving in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lecron Energy Saving 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 Lecron Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lecron Energy Saving has no effect on the direction of Impulse Qingdao i.e., Impulse Qingdao and Lecron Energy go up and down completely randomly.
Pair Corralation between Impulse Qingdao and Lecron Energy
Assuming the 90 days trading horizon Impulse Qingdao Health is expected to generate 2.03 times more return on investment than Lecron Energy. However, Impulse Qingdao is 2.03 times more volatile than Lecron Energy Saving. It trades about -0.02 of its potential returns per unit of risk. Lecron Energy Saving is currently generating about -0.43 per unit of risk. If you would invest 2,340 in Impulse Qingdao Health on October 15, 2024 and sell it today you would lose (134.00) from holding Impulse Qingdao Health or give up 5.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Impulse Qingdao Health vs. Lecron Energy Saving
Performance |
| Timeline |
| Impulse Qingdao Health |
| Lecron Energy Saving |
Impulse Qingdao and Lecron Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impulse Qingdao and Lecron Energy
The main advantage of trading using opposite Impulse Qingdao and Lecron Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao position performs unexpectedly, Lecron Energy 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 Lecron Energy will offset losses from the drop in Lecron Energy's long position.| Impulse Qingdao vs. Great Sun Foods Co | Impulse Qingdao vs. GRG Banking Equipment | Impulse Qingdao vs. Guangdong Wens Foodstuff | Impulse Qingdao vs. Shantou Wanshun Package |
| Lecron Energy vs. Songz Automobile Air | Lecron Energy vs. Beijing Kingsoft Office | Lecron Energy vs. Sinomach Automobile Co | Lecron Energy vs. Haima Automobile Group |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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