Correlation Between Iat Automobile and Beijing UniStrong
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By analyzing existing cross correlation between Iat Automobile Technology and Beijing UniStrong Science, you can compare the effects of market volatilities on Iat Automobile and Beijing UniStrong 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 Iat Automobile with a short position of Beijing UniStrong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and Beijing UniStrong.
Diversification Opportunities for Iat Automobile and Beijing UniStrong
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Iat and Beijing is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and Beijing UniStrong Science in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing UniStrong Science and Iat Automobile 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 Iat Automobile Technology are associated (or correlated) with Beijing UniStrong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing UniStrong Science has no effect on the direction of Iat Automobile i.e., Iat Automobile and Beijing UniStrong go up and down completely randomly.
Pair Corralation between Iat Automobile and Beijing UniStrong
Assuming the 90 days trading horizon Iat Automobile Technology is expected to generate 1.28 times more return on investment than Beijing UniStrong. However, Iat Automobile is 1.28 times more volatile than Beijing UniStrong Science. It trades about 0.11 of its potential returns per unit of risk. Beijing UniStrong Science is currently generating about -0.12 per unit of risk. If you would invest 1,106 in Iat Automobile Technology on November 3, 2024 and sell it today you would earn a total of 67.00 from holding Iat Automobile Technology or generate 6.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. Beijing UniStrong Science
Performance |
| Timeline |
| Iat Automobile Technology |
| Beijing UniStrong Science |
Iat Automobile and Beijing UniStrong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and Beijing UniStrong
The main advantage of trading using opposite Iat Automobile and Beijing UniStrong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile position performs unexpectedly, Beijing UniStrong 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 Beijing UniStrong will offset losses from the drop in Beijing UniStrong's long position.| Iat Automobile vs. Touchstone International Medical | Iat Automobile vs. Allmed Medical Products | Iat Automobile vs. ROPEOK Technology Group | Iat Automobile vs. Hengkang Medical Group |
| Beijing UniStrong vs. Anhui Tongguan Copper | Beijing UniStrong vs. Fujian Longzhou Transportation | Beijing UniStrong vs. Shuhua Sports Co | Beijing UniStrong vs. Eastern Air Logistics |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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