Correlation Between Qiaoyin Environmental and Konfoong Materials
Specify exactly 2 symbols:
By analyzing existing cross correlation between Qiaoyin Environmental Tech and Konfoong Materials International, you can compare the effects of market volatilities on Qiaoyin Environmental and Konfoong Materials 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 Konfoong Materials. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiaoyin Environmental and Konfoong Materials.
Diversification Opportunities for Qiaoyin Environmental and Konfoong Materials
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Qiaoyin and Konfoong is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Qiaoyin Environmental Tech and Konfoong Materials Internation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Konfoong Materials 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 Konfoong Materials. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Konfoong Materials has no effect on the direction of Qiaoyin Environmental i.e., Qiaoyin Environmental and Konfoong Materials go up and down completely randomly.
Pair Corralation between Qiaoyin Environmental and Konfoong Materials
Assuming the 90 days trading horizon Qiaoyin Environmental Tech is expected to generate 1.2 times more return on investment than Konfoong Materials. However, Qiaoyin Environmental is 1.2 times more volatile than Konfoong Materials International. It trades about 0.24 of its potential returns per unit of risk. Konfoong Materials International is currently generating about -0.07 per unit of risk. If you would invest 997.00 in Qiaoyin Environmental Tech on October 30, 2024 and sell it today you would earn a total of 279.00 from holding Qiaoyin Environmental Tech or generate 27.98% 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. Konfoong Materials Internation
Performance |
| Timeline |
| Qiaoyin Environmental |
| Konfoong Materials |
Qiaoyin Environmental and Konfoong Materials Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiaoyin Environmental and Konfoong Materials
The main advantage of trading using opposite Qiaoyin Environmental and Konfoong Materials positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiaoyin Environmental position performs unexpectedly, Konfoong Materials 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 Konfoong Materials will offset losses from the drop in Konfoong Materials' long position.| Qiaoyin Environmental vs. Cicc Fund Management | Qiaoyin Environmental vs. Dymatic Chemicals | Qiaoyin Environmental vs. Shandong Polymer Biochemicals | Qiaoyin Environmental vs. JCHX Mining Management |
| Konfoong Materials vs. Jiangsu Financial Leasing | Konfoong Materials vs. Zhejiang Construction Investment | Konfoong Materials vs. Zhejiang Publishing Media | Konfoong Materials vs. Beijing Kaiwen Education |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |