Correlation Between Qingdao Choho and GKHT Medical
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By analyzing existing cross correlation between Qingdao Choho Industrial and GKHT Medical Technology, you can compare the effects of market volatilities on Qingdao Choho and GKHT Medical 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 Qingdao Choho with a short position of GKHT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Choho and GKHT Medical.
Diversification Opportunities for Qingdao Choho and GKHT Medical
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Qingdao and GKHT is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Choho Industrial and GKHT Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GKHT Medical Technology and Qingdao Choho 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 Qingdao Choho Industrial are associated (or correlated) with GKHT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GKHT Medical Technology has no effect on the direction of Qingdao Choho i.e., Qingdao Choho and GKHT Medical go up and down completely randomly.
Pair Corralation between Qingdao Choho and GKHT Medical
Assuming the 90 days trading horizon Qingdao Choho Industrial is expected to generate 0.78 times more return on investment than GKHT Medical. However, Qingdao Choho Industrial is 1.27 times less risky than GKHT Medical. It trades about -0.02 of its potential returns per unit of risk. GKHT Medical Technology is currently generating about -0.02 per unit of risk. If you would invest 3,401 in Qingdao Choho Industrial on September 2, 2024 and sell it today you would lose (641.00) from holding Qingdao Choho Industrial or give up 18.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qingdao Choho Industrial vs. GKHT Medical Technology
Performance |
| Timeline |
| Qingdao Choho Industrial |
| GKHT Medical Technology |
Qingdao Choho and GKHT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Choho and GKHT Medical
The main advantage of trading using opposite Qingdao Choho and GKHT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Choho position performs unexpectedly, GKHT Medical 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 GKHT Medical will offset losses from the drop in GKHT Medical's long position.| Qingdao Choho vs. BYD Co Ltd | Qingdao Choho vs. China Mobile Limited | Qingdao Choho vs. Agricultural Bank of | Qingdao Choho vs. Industrial and Commercial |
| GKHT Medical vs. Anhui Huaren Health | GKHT Medical vs. Dhc Software Co | GKHT Medical vs. Linewell Software Co | GKHT Medical vs. Everjoy Health Group |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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