Correlation Between Queclink Wireless and Haima Automobile
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By analyzing existing cross correlation between Queclink Wireless Solutions and Haima Automobile Group, you can compare the effects of market volatilities on Queclink Wireless and Haima Automobile 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 Queclink Wireless with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Queclink Wireless and Haima Automobile.
Diversification Opportunities for Queclink Wireless and Haima Automobile
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Queclink and Haima is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Queclink Wireless Solutions and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Queclink Wireless 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 Queclink Wireless Solutions are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Queclink Wireless i.e., Queclink Wireless and Haima Automobile go up and down completely randomly.
Pair Corralation between Queclink Wireless and Haima Automobile
Assuming the 90 days trading horizon Queclink Wireless Solutions is expected to generate 1.39 times more return on investment than Haima Automobile. However, Queclink Wireless is 1.39 times more volatile than Haima Automobile Group. It trades about 0.03 of its potential returns per unit of risk. Haima Automobile Group is currently generating about -0.05 per unit of risk. If you would invest 1,454 in Queclink Wireless Solutions on November 3, 2024 and sell it today you would earn a total of 10.00 from holding Queclink Wireless Solutions or generate 0.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Queclink Wireless Solutions vs. Haima Automobile Group
Performance |
| Timeline |
| Queclink Wireless |
| Haima Automobile |
Queclink Wireless and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Queclink Wireless and Haima Automobile
The main advantage of trading using opposite Queclink Wireless and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Queclink Wireless position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Queclink Wireless vs. Zhejiang Construction Investment | Queclink Wireless vs. Metro Investment Development | Queclink Wireless vs. Hubei Geoway Investment | Queclink Wireless vs. Shanghai Yanpu Metal |
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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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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