Correlation Between Iat Automobile and Panda Dairy
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By analyzing existing cross correlation between Iat Automobile Technology and Panda Dairy Corp, you can compare the effects of market volatilities on Iat Automobile and Panda Dairy 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 Panda Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and Panda Dairy.
Diversification Opportunities for Iat Automobile and Panda Dairy
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Iat and Panda is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and Panda Dairy Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Panda Dairy Corp 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 Panda Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Panda Dairy Corp has no effect on the direction of Iat Automobile i.e., Iat Automobile and Panda Dairy go up and down completely randomly.
Pair Corralation between Iat Automobile and Panda Dairy
Assuming the 90 days trading horizon Iat Automobile Technology is expected to under-perform the Panda Dairy. But the stock apears to be less risky and, when comparing its historical volatility, Iat Automobile Technology is 1.83 times less risky than Panda Dairy. The stock trades about -0.02 of its potential returns per unit of risk. The Panda Dairy Corp is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,354 in Panda Dairy Corp on October 30, 2024 and sell it today you would lose (54.00) from holding Panda Dairy Corp or give up 2.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. Panda Dairy Corp
Performance |
| Timeline |
| Iat Automobile Technology |
| Panda Dairy Corp |
Iat Automobile and Panda Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and Panda Dairy
The main advantage of trading using opposite Iat Automobile and Panda Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile position performs unexpectedly, Panda Dairy 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 Panda Dairy will offset losses from the drop in Panda Dairy's long position.| Iat Automobile vs. China Asset Management | Iat Automobile vs. Zhongzhu Medical Holdings | Iat Automobile vs. Allgens Medical Technology | Iat Automobile vs. Xiangyu Medical Co |
| Panda Dairy vs. Kweichow Moutai Co | Panda Dairy vs. Contemporary Amperex Technology | Panda Dairy vs. G bits Network Technology | Panda Dairy vs. Beijing Roborock Technology |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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