Correlation Between Impulse Qingdao and Bingo Software
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By analyzing existing cross correlation between Impulse Qingdao Health and Bingo Software Co, you can compare the effects of market volatilities on Impulse Qingdao and Bingo Software 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 Bingo Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and Bingo Software.
Diversification Opportunities for Impulse Qingdao and Bingo Software
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Impulse and Bingo is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health and Bingo Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bingo Software 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 Bingo Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bingo Software has no effect on the direction of Impulse Qingdao i.e., Impulse Qingdao and Bingo Software go up and down completely randomly.
Pair Corralation between Impulse Qingdao and Bingo Software
Assuming the 90 days trading horizon Impulse Qingdao Health is expected to generate 0.78 times more return on investment than Bingo Software. However, Impulse Qingdao Health is 1.29 times less risky than Bingo Software. It trades about 0.05 of its potential returns per unit of risk. Bingo Software Co is currently generating about 0.02 per unit of risk. If you would invest 1,390 in Impulse Qingdao Health on October 27, 2024 and sell it today you would earn a total of 906.00 from holding Impulse Qingdao Health or generate 65.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Impulse Qingdao Health vs. Bingo Software Co
Performance |
| Timeline |
| Impulse Qingdao Health |
| Bingo Software |
Impulse Qingdao and Bingo Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impulse Qingdao and Bingo Software
The main advantage of trading using opposite Impulse Qingdao and Bingo Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao position performs unexpectedly, Bingo Software 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 Bingo Software will offset losses from the drop in Bingo Software's long position.| Impulse Qingdao vs. Ming Yang Smart | Impulse Qingdao vs. 159681 | Impulse Qingdao vs. 159005 | Impulse Qingdao vs. Loctek Ergonomic Technology |
| Bingo Software vs. China State Construction | Bingo Software vs. Poly Real Estate | Bingo Software vs. China Vanke Co | Bingo Software vs. China Merchants Shekou |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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