Correlation Between Impulse Qingdao and Jiangsu Expressway
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By analyzing existing cross correlation between Impulse Qingdao Health and Jiangsu Expressway Co, you can compare the effects of market volatilities on Impulse Qingdao and Jiangsu Expressway 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 Jiangsu Expressway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and Jiangsu Expressway.
Diversification Opportunities for Impulse Qingdao and Jiangsu Expressway
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Impulse and Jiangsu is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health and Jiangsu Expressway Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Expressway 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 Jiangsu Expressway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Expressway has no effect on the direction of Impulse Qingdao i.e., Impulse Qingdao and Jiangsu Expressway go up and down completely randomly.
Pair Corralation between Impulse Qingdao and Jiangsu Expressway
Assuming the 90 days trading horizon Impulse Qingdao Health is expected to generate 2.93 times more return on investment than Jiangsu Expressway. However, Impulse Qingdao is 2.93 times more volatile than Jiangsu Expressway Co. It trades about 0.05 of its potential returns per unit of risk. Jiangsu Expressway Co is currently generating about 0.01 per unit of risk. If you would invest 2,291 in Impulse Qingdao Health on November 30, 2024 and sell it today you would earn a total of 97.00 from holding Impulse Qingdao Health or generate 4.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Impulse Qingdao Health vs. Jiangsu Expressway Co
Performance |
| Timeline |
| Impulse Qingdao Health |
| Jiangsu Expressway |
Impulse Qingdao and Jiangsu Expressway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impulse Qingdao and Jiangsu Expressway
The main advantage of trading using opposite Impulse Qingdao and Jiangsu Expressway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao position performs unexpectedly, Jiangsu Expressway 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 Jiangsu Expressway will offset losses from the drop in Jiangsu Expressway's long position.| Impulse Qingdao vs. Guotai Epoint Software | Impulse Qingdao vs. Chinese Universe Publishing | Impulse Qingdao vs. Linewell Software Co | Impulse Qingdao vs. Dareway Software Co |
| Jiangsu Expressway vs. Southern PublishingMedia Co | Jiangsu Expressway vs. Duzhe Publishing Media | Jiangsu Expressway vs. Suzhou Industrial Park | Jiangsu Expressway vs. Ping An Insurance |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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