Correlation Between Impulse Qingdao and Ningbo Fujia
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By analyzing existing cross correlation between Impulse Qingdao Health and Ningbo Fujia Industrial, you can compare the effects of market volatilities on Impulse Qingdao and Ningbo Fujia 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 Ningbo Fujia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and Ningbo Fujia.
Diversification Opportunities for Impulse Qingdao and Ningbo Fujia
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Impulse and Ningbo is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health and Ningbo Fujia Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Fujia Industrial 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 Ningbo Fujia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Fujia Industrial has no effect on the direction of Impulse Qingdao i.e., Impulse Qingdao and Ningbo Fujia go up and down completely randomly.
Pair Corralation between Impulse Qingdao and Ningbo Fujia
Assuming the 90 days trading horizon Impulse Qingdao Health is expected to generate 1.34 times more return on investment than Ningbo Fujia. However, Impulse Qingdao is 1.34 times more volatile than Ningbo Fujia Industrial. It trades about 0.15 of its potential returns per unit of risk. Ningbo Fujia Industrial is currently generating about 0.1 per unit of risk. If you would invest 1,447 in Impulse Qingdao Health on October 24, 2024 and sell it today you would earn a total of 947.00 from holding Impulse Qingdao Health or generate 65.45% 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. Ningbo Fujia Industrial
Performance |
| Timeline |
| Impulse Qingdao Health |
| Ningbo Fujia Industrial |
Impulse Qingdao and Ningbo Fujia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impulse Qingdao and Ningbo Fujia
The main advantage of trading using opposite Impulse Qingdao and Ningbo Fujia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao position performs unexpectedly, Ningbo Fujia 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 Ningbo Fujia will offset losses from the drop in Ningbo Fujia's long position.| Impulse Qingdao vs. Digiwin Software Co | Impulse Qingdao vs. Agricultural Bank of | Impulse Qingdao vs. Changchun UP Optotech | Impulse Qingdao vs. Panda Financial Holding |
| Ningbo Fujia vs. Jinxiandai Information Industry | Ningbo Fujia vs. Peoples Insurance of | Ningbo Fujia vs. Xiamen Bank Co | Ningbo Fujia vs. Zhuhai Comleader Information |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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