Correlation Between Bank of Suzhou and Qi An
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By analyzing existing cross correlation between Bank of Suzhou and Qi An Xin, you can compare the effects of market volatilities on Bank of Suzhou and Qi An 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 Bank of Suzhou with a short position of Qi An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of Suzhou and Qi An.
Diversification Opportunities for Bank of Suzhou and Qi An
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bank and 688561 is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Suzhou and Qi An Xin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qi An Xin and Bank of Suzhou 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 Bank of Suzhou are associated (or correlated) with Qi An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qi An Xin has no effect on the direction of Bank of Suzhou i.e., Bank of Suzhou and Qi An go up and down completely randomly.
Pair Corralation between Bank of Suzhou and Qi An
Assuming the 90 days trading horizon Bank of Suzhou is expected to generate 0.46 times more return on investment than Qi An. However, Bank of Suzhou is 2.18 times less risky than Qi An. It trades about 0.07 of its potential returns per unit of risk. Qi An Xin is currently generating about 0.01 per unit of risk. If you would invest 688.00 in Bank of Suzhou on September 3, 2024 and sell it today you would earn a total of 104.00 from holding Bank of Suzhou or generate 15.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of Suzhou vs. Qi An Xin
Performance |
| Timeline |
| Bank of Suzhou |
| Qi An Xin |
Bank of Suzhou and Qi An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of Suzhou and Qi An
The main advantage of trading using opposite Bank of Suzhou and Qi An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of Suzhou position performs unexpectedly, Qi An 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 Qi An will offset losses from the drop in Qi An's long position.| Bank of Suzhou vs. Chongqing Road Bridge | Bank of Suzhou vs. Wuhan Xianglong Power | Bank of Suzhou vs. Empyrean Technology Co | Bank of Suzhou vs. Yuanjie Semiconductor Technology |
| Qi An vs. Haima Automobile Group | Qi An vs. Dongfeng Automobile Co | Qi An vs. Anhui Jianghuai Automobile | Qi An vs. Peoples Insurance of |
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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