Correlation Between Shantou Wanshun and Qilu Bank
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By analyzing existing cross correlation between Shantou Wanshun Package and Qilu Bank Co, you can compare the effects of market volatilities on Shantou Wanshun and Qilu Bank 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 Qilu Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shantou Wanshun and Qilu Bank.
Diversification Opportunities for Shantou Wanshun and Qilu Bank
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shantou and Qilu is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Shantou Wanshun Package and Qilu Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qilu Bank 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 Qilu Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qilu Bank has no effect on the direction of Shantou Wanshun i.e., Shantou Wanshun and Qilu Bank go up and down completely randomly.
Pair Corralation between Shantou Wanshun and Qilu Bank
Assuming the 90 days trading horizon Shantou Wanshun Package is expected to under-perform the Qilu Bank. In addition to that, Shantou Wanshun is 1.6 times more volatile than Qilu Bank Co. It trades about -0.49 of its total potential returns per unit of risk. Qilu Bank Co is currently generating about 0.05 per unit of volatility. If you would invest 527.00 in Qilu Bank Co on October 14, 2024 and sell it today you would earn a total of 7.00 from holding Qilu Bank Co or generate 1.33% 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. Qilu Bank Co
Performance |
| Timeline |
| Shantou Wanshun Package |
| Qilu Bank |
Shantou Wanshun and Qilu Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shantou Wanshun and Qilu Bank
The main advantage of trading using opposite Shantou Wanshun and Qilu Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shantou Wanshun position performs unexpectedly, Qilu Bank 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 Qilu Bank will offset losses from the drop in Qilu Bank's long position.| Shantou Wanshun vs. Hangzhou Minsheng Healthcare | Shantou Wanshun vs. Everjoy Health Group | Shantou Wanshun vs. TianJin 712 Communication | Shantou Wanshun vs. Fiberhome Telecommunication Technologies |
| Qilu Bank vs. Fiberhome Telecommunication Technologies | Qilu Bank vs. Shantou Wanshun Package | Qilu Bank vs. Ziel Home Furnishing | Qilu Bank vs. Shandong Homey Aquatic |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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