Correlation Between Yingde Greatchem and Qi An
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By analyzing existing cross correlation between Yingde Greatchem Chemicals and Qi An Xin, you can compare the effects of market volatilities on Yingde Greatchem and Qi An 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 Yingde Greatchem with a short position of Qi An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yingde Greatchem and Qi An.
Diversification Opportunities for Yingde Greatchem and Qi An
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yingde and 688561 is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Yingde Greatchem Chemicals and Qi An Xin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qi An Xin and Yingde Greatchem 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 Yingde Greatchem Chemicals are associated (or correlated) with Qi An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qi An Xin has no effect on the direction of Yingde Greatchem i.e., Yingde Greatchem and Qi An go up and down completely randomly.
Pair Corralation between Yingde Greatchem and Qi An
Assuming the 90 days trading horizon Yingde Greatchem Chemicals is expected to generate 0.65 times more return on investment than Qi An. However, Yingde Greatchem Chemicals is 1.54 times less risky than Qi An. It trades about 0.04 of its potential returns per unit of risk. Qi An Xin is currently generating about -0.03 per unit of risk. If you would invest 2,510 in Yingde Greatchem Chemicals on September 1, 2024 and sell it today you would earn a total of 35.00 from holding Yingde Greatchem Chemicals or generate 1.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Yingde Greatchem Chemicals vs. Qi An Xin
Performance |
| Timeline |
| Yingde Greatchem Che |
| Qi An Xin |
Yingde Greatchem and Qi An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yingde Greatchem and Qi An
The main advantage of trading using opposite Yingde Greatchem and Qi An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yingde Greatchem position performs unexpectedly, Qi An 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 Qi An will offset losses from the drop in Qi An's long position.| Yingde Greatchem vs. Zijin Mining Group | Yingde Greatchem vs. Wanhua Chemical Group | Yingde Greatchem vs. Baoshan Iron Steel | Yingde Greatchem vs. Shandong Gold Mining |
| Qi An vs. Bank of Suzhou | Qi An vs. Yingde Greatchem Chemicals | Qi An vs. Guangzhou Ruoyuchen Information | Qi An vs. Digital China Information |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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