Correlation Between Qiaoyin Environmental and Beijing HuaYuanYiTong
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By analyzing existing cross correlation between Qiaoyin Environmental Tech and Beijing HuaYuanYiTong Thermal, you can compare the effects of market volatilities on Qiaoyin Environmental and Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiaoyin Environmental and Beijing HuaYuanYiTong.
Diversification Opportunities for Qiaoyin Environmental and Beijing HuaYuanYiTong
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Qiaoyin and Beijing is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Qiaoyin Environmental Tech and Beijing HuaYuanYiTong Thermal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing HuaYuanYiTong has no effect on the direction of Qiaoyin Environmental i.e., Qiaoyin Environmental and Beijing HuaYuanYiTong go up and down completely randomly.
Pair Corralation between Qiaoyin Environmental and Beijing HuaYuanYiTong
Assuming the 90 days trading horizon Qiaoyin Environmental is expected to generate 8.28 times less return on investment than Beijing HuaYuanYiTong. But when comparing it to its historical volatility, Qiaoyin Environmental Tech is 1.34 times less risky than Beijing HuaYuanYiTong. It trades about 0.0 of its potential returns per unit of risk. Beijing HuaYuanYiTong Thermal is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 884.00 in Beijing HuaYuanYiTong Thermal on October 14, 2024 and sell it today you would earn a total of 43.00 from holding Beijing HuaYuanYiTong Thermal or generate 4.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qiaoyin Environmental Tech vs. Beijing HuaYuanYiTong Thermal
Performance |
| Timeline |
| Qiaoyin Environmental |
| Beijing HuaYuanYiTong |
Qiaoyin Environmental and Beijing HuaYuanYiTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiaoyin Environmental and Beijing HuaYuanYiTong
The main advantage of trading using opposite Qiaoyin Environmental and Beijing HuaYuanYiTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiaoyin Environmental position performs unexpectedly, Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong will offset losses from the drop in Beijing HuaYuanYiTong's long position.| Qiaoyin Environmental vs. Huatian Hotel Group | Qiaoyin Environmental vs. Panda Dairy Corp | Qiaoyin Environmental vs. Cansino Biologics | Qiaoyin Environmental vs. Jiajia Food Group |
| Beijing HuaYuanYiTong vs. CIMC Vehicles Co | Beijing HuaYuanYiTong vs. Qiaoyin Environmental Tech | Beijing HuaYuanYiTong vs. Dongfeng Automobile Co | Beijing HuaYuanYiTong vs. Guangdong Liantai Environmental |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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