Correlation Between Impulse Qingdao and GKHT Medical
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By analyzing existing cross correlation between Impulse Qingdao Health and GKHT Medical Technology, you can compare the effects of market volatilities on Impulse Qingdao and GKHT Medical 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 GKHT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and GKHT Medical.
Diversification Opportunities for Impulse Qingdao and GKHT Medical
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Impulse and GKHT is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health and GKHT Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GKHT Medical Technology 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 GKHT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GKHT Medical Technology has no effect on the direction of Impulse Qingdao i.e., Impulse Qingdao and GKHT Medical go up and down completely randomly.
Pair Corralation between Impulse Qingdao and GKHT Medical
Assuming the 90 days trading horizon Impulse Qingdao Health is expected to generate 0.82 times more return on investment than GKHT Medical. However, Impulse Qingdao Health is 1.22 times less risky than GKHT Medical. It trades about 0.04 of its potential returns per unit of risk. GKHT Medical Technology is currently generating about -0.01 per unit of risk. If you would invest 1,568 in Impulse Qingdao Health on September 12, 2024 and sell it today you would earn a total of 425.00 from holding Impulse Qingdao Health or generate 27.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Impulse Qingdao Health vs. GKHT Medical Technology
Performance |
| Timeline |
| Impulse Qingdao Health |
| GKHT Medical Technology |
Impulse Qingdao and GKHT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impulse Qingdao and GKHT Medical
The main advantage of trading using opposite Impulse Qingdao and GKHT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao position performs unexpectedly, GKHT Medical 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 GKHT Medical will offset losses from the drop in GKHT Medical's long position.| Impulse Qingdao vs. Lutian Machinery Co | Impulse Qingdao vs. PetroChina Co Ltd | Impulse Qingdao vs. Bank of China | Impulse Qingdao vs. Gansu Jiu Steel |
| GKHT Medical vs. China Publishing Media | GKHT Medical vs. Beijing Kaiwen Education | GKHT Medical vs. China Aluminum International | GKHT Medical vs. Jiangsu Jinling Sports |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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