Correlation Between Shantou Wanshun and Impulse Qingdao
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By analyzing existing cross correlation between Shantou Wanshun Package and Impulse Qingdao Health, you can compare the effects of market volatilities on Shantou Wanshun and Impulse Qingdao 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 Shantou Wanshun with a short position of Impulse Qingdao. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shantou Wanshun and Impulse Qingdao.
Diversification Opportunities for Shantou Wanshun and Impulse Qingdao
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shantou and Impulse is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Shantou Wanshun Package and Impulse Qingdao Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impulse Qingdao Health and Shantou Wanshun 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 Shantou Wanshun Package are associated (or correlated) with Impulse Qingdao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impulse Qingdao Health has no effect on the direction of Shantou Wanshun i.e., Shantou Wanshun and Impulse Qingdao go up and down completely randomly.
Pair Corralation between Shantou Wanshun and Impulse Qingdao
Assuming the 90 days trading horizon Shantou Wanshun Package is expected to under-perform the Impulse Qingdao. In addition to that, Shantou Wanshun is 1.02 times more volatile than Impulse Qingdao Health. It trades about -0.02 of its total potential returns per unit of risk. Impulse Qingdao Health is currently generating about 0.05 per unit of volatility. If you would invest 1,408 in Impulse Qingdao Health on October 16, 2024 and sell it today you would earn a total of 726.00 from holding Impulse Qingdao Health or generate 51.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shantou Wanshun Package vs. Impulse Qingdao Health
Performance |
| Timeline |
| Shantou Wanshun Package |
| Impulse Qingdao Health |
Shantou Wanshun and Impulse Qingdao Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shantou Wanshun and Impulse Qingdao
The main advantage of trading using opposite Shantou Wanshun and Impulse Qingdao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shantou Wanshun position performs unexpectedly, Impulse Qingdao 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 Impulse Qingdao will offset losses from the drop in Impulse Qingdao's long position.| Shantou Wanshun vs. Lutian Machinery Co | Shantou Wanshun vs. China Sports Industry | Shantou Wanshun vs. Ningbo Construction Co | Shantou Wanshun vs. Gifore Agricultural Machinery |
| Impulse Qingdao vs. Great Sun Foods Co | Impulse Qingdao vs. GRG Banking Equipment | Impulse Qingdao vs. Guangdong Wens Foodstuff | Impulse Qingdao vs. Shantou Wanshun Package |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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