Correlation Between Impulse Qingdao and Shanghai Yanpu
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By analyzing existing cross correlation between Impulse Qingdao Health and Shanghai Yanpu Metal, you can compare the effects of market volatilities on Impulse Qingdao and Shanghai Yanpu 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 Shanghai Yanpu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and Shanghai Yanpu.
Diversification Opportunities for Impulse Qingdao and Shanghai Yanpu
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Impulse and Shanghai is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health and Shanghai Yanpu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yanpu Metal 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 Shanghai Yanpu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yanpu Metal has no effect on the direction of Impulse Qingdao i.e., Impulse Qingdao and Shanghai Yanpu go up and down completely randomly.
Pair Corralation between Impulse Qingdao and Shanghai Yanpu
Assuming the 90 days trading horizon Impulse Qingdao Health is expected to generate 3.15 times more return on investment than Shanghai Yanpu. However, Impulse Qingdao is 3.15 times more volatile than Shanghai Yanpu Metal. It trades about 0.0 of its potential returns per unit of risk. Shanghai Yanpu Metal is currently generating about -0.09 per unit of risk. If you would invest 2,340 in Impulse Qingdao Health on October 17, 2024 and sell it today you would lose (70.00) from holding Impulse Qingdao Health or give up 2.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Impulse Qingdao Health vs. Shanghai Yanpu Metal
Performance |
| Timeline |
| Impulse Qingdao Health |
| Shanghai Yanpu Metal |
Impulse Qingdao and Shanghai Yanpu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impulse Qingdao and Shanghai Yanpu
The main advantage of trading using opposite Impulse Qingdao and Shanghai Yanpu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao position performs unexpectedly, Shanghai Yanpu 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 Shanghai Yanpu will offset losses from the drop in Shanghai Yanpu's long position.| Impulse Qingdao vs. Ningxia Building Materials | Impulse Qingdao vs. 360 Security Technology | Impulse Qingdao vs. Hoshine Silicon Ind | Impulse Qingdao vs. Hangzhou Gaoxin Rubber |
| Shanghai Yanpu vs. Impulse Qingdao Health | Shanghai Yanpu vs. Caihong Display Devices | Shanghai Yanpu vs. Fiberhome Telecommunication Technologies | Shanghai Yanpu vs. Dezhan HealthCare Co |
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 CEOs Directory module to screen CEOs from public companies around the world.
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