Correlation Between INKON Life and Qtone Education
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By analyzing existing cross correlation between INKON Life Technology and Qtone Education Group, you can compare the effects of market volatilities on INKON Life and Qtone Education 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 INKON Life with a short position of Qtone Education. Check out your portfolio center. Please also check ongoing floating volatility patterns of INKON Life and Qtone Education.
Diversification Opportunities for INKON Life and Qtone Education
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between INKON and Qtone is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding INKON Life Technology and Qtone Education Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qtone Education Group and INKON Life 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 INKON Life Technology are associated (or correlated) with Qtone Education. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qtone Education Group has no effect on the direction of INKON Life i.e., INKON Life and Qtone Education go up and down completely randomly.
Pair Corralation between INKON Life and Qtone Education
Assuming the 90 days trading horizon INKON Life Technology is expected to under-perform the Qtone Education. But the stock apears to be less risky and, when comparing its historical volatility, INKON Life Technology is 1.32 times less risky than Qtone Education. The stock trades about 0.0 of its potential returns per unit of risk. The Qtone Education Group is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 760.00 in Qtone Education Group on September 26, 2024 and sell it today you would lose (189.00) from holding Qtone Education Group or give up 24.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
INKON Life Technology vs. Qtone Education Group
Performance |
| Timeline |
| INKON Life Technology |
| Qtone Education Group |
INKON Life and Qtone Education Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INKON Life and Qtone Education
The main advantage of trading using opposite INKON Life and Qtone Education positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INKON Life position performs unexpectedly, Qtone Education 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 Qtone Education will offset losses from the drop in Qtone Education's long position.| INKON Life vs. Cultural Investment Holdings | INKON Life vs. Gome Telecom Equipment | INKON Life vs. Bus Online Co | INKON Life vs. Holitech Technology Co |
| Qtone Education vs. Shanghai Action Education | Qtone Education vs. INKON Life Technology | Qtone Education vs. HanS Laser Tech | Qtone Education vs. Western Superconducting Tech |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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