Correlation Between Qiaoyin Environmental and Maoming Petro
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By analyzing existing cross correlation between Qiaoyin Environmental Tech and Maoming Petro Chemical Shihua, you can compare the effects of market volatilities on Qiaoyin Environmental and Maoming Petro 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 Qiaoyin Environmental with a short position of Maoming Petro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiaoyin Environmental and Maoming Petro.
Diversification Opportunities for Qiaoyin Environmental and Maoming Petro
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Qiaoyin and Maoming is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Qiaoyin Environmental Tech and Maoming Petro Chemical Shihua in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maoming Petro Chemical and Qiaoyin Environmental 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 Qiaoyin Environmental Tech are associated (or correlated) with Maoming Petro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maoming Petro Chemical has no effect on the direction of Qiaoyin Environmental i.e., Qiaoyin Environmental and Maoming Petro go up and down completely randomly.
Pair Corralation between Qiaoyin Environmental and Maoming Petro
Assuming the 90 days trading horizon Qiaoyin Environmental Tech is expected to generate 1.07 times more return on investment than Maoming Petro. However, Qiaoyin Environmental is 1.07 times more volatile than Maoming Petro Chemical Shihua. It trades about 0.04 of its potential returns per unit of risk. Maoming Petro Chemical Shihua is currently generating about -0.13 per unit of risk. If you would invest 1,073 in Qiaoyin Environmental Tech on October 25, 2024 and sell it today you would earn a total of 13.00 from holding Qiaoyin Environmental Tech or generate 1.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qiaoyin Environmental Tech vs. Maoming Petro Chemical Shihua
Performance |
| Timeline |
| Qiaoyin Environmental |
| Maoming Petro Chemical |
Qiaoyin Environmental and Maoming Petro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiaoyin Environmental and Maoming Petro
The main advantage of trading using opposite Qiaoyin Environmental and Maoming Petro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiaoyin Environmental position performs unexpectedly, Maoming Petro 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 Maoming Petro will offset losses from the drop in Maoming Petro's long position.| Qiaoyin Environmental vs. Threes Company Media | Qiaoyin Environmental vs. Caihong Display Devices | Qiaoyin Environmental vs. Shuhua Sports Co | Qiaoyin Environmental vs. Juneyao Airlines |
| Maoming Petro vs. China Eastern Airlines | Maoming Petro vs. Omnijoi Media Corp | Maoming Petro vs. Spring Airlines Co | Maoming Petro vs. Strait Innovation Internet |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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