Correlation Between Jiamei Food and Qilu Bank
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By analyzing existing cross correlation between Jiamei Food Packaging and Qilu Bank Co, you can compare the effects of market volatilities on Jiamei Food and Qilu Bank 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 Jiamei Food with a short position of Qilu Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiamei Food and Qilu Bank.
Diversification Opportunities for Jiamei Food and Qilu Bank
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiamei and Qilu is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Jiamei Food Packaging and Qilu Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qilu Bank and Jiamei Food 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 Jiamei Food Packaging are associated (or correlated) with Qilu Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qilu Bank has no effect on the direction of Jiamei Food i.e., Jiamei Food and Qilu Bank go up and down completely randomly.
Pair Corralation between Jiamei Food and Qilu Bank
Assuming the 90 days trading horizon Jiamei Food is expected to generate 2.15 times less return on investment than Qilu Bank. In addition to that, Jiamei Food is 1.16 times more volatile than Qilu Bank Co. It trades about 0.04 of its total potential returns per unit of risk. Qilu Bank Co is currently generating about 0.09 per unit of volatility. If you would invest 401.00 in Qilu Bank Co on November 3, 2024 and sell it today you would earn a total of 177.00 from holding Qilu Bank Co or generate 44.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiamei Food Packaging vs. Qilu Bank Co
Performance |
| Timeline |
| Jiamei Food Packaging |
| Qilu Bank |
Jiamei Food and Qilu Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiamei Food and Qilu Bank
The main advantage of trading using opposite Jiamei Food and Qilu Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiamei Food position performs unexpectedly, Qilu Bank 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 Qilu Bank will offset losses from the drop in Qilu Bank's long position.| Jiamei Food vs. Zijin Mining Group | Jiamei Food vs. Wanhua Chemical Group | Jiamei Food vs. Baoshan Iron Steel | Jiamei Food vs. Shandong Gold Mining |
| Qilu Bank vs. Hangzhou Zhongya Machinery | Qilu Bank vs. Huasi Agricultural Development | Qilu Bank vs. Suzhou Oriental Semiconductor | Qilu Bank vs. Shantui Construction Machinery |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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