Correlation Between Qingdao Hi and Kuang Chi
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By analyzing existing cross correlation between Qingdao Hi Tech Moulds and Kuang Chi Technologies, you can compare the effects of market volatilities on Qingdao Hi and Kuang Chi 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 Qingdao Hi with a short position of Kuang Chi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Hi and Kuang Chi.
Diversification Opportunities for Qingdao Hi and Kuang Chi
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Qingdao and Kuang is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Hi Tech Moulds and Kuang Chi Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kuang Chi Technologies and Qingdao Hi 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 Qingdao Hi Tech Moulds are associated (or correlated) with Kuang Chi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kuang Chi Technologies has no effect on the direction of Qingdao Hi i.e., Qingdao Hi and Kuang Chi go up and down completely randomly.
Pair Corralation between Qingdao Hi and Kuang Chi
Assuming the 90 days trading horizon Qingdao Hi is expected to generate 6.41 times less return on investment than Kuang Chi. In addition to that, Qingdao Hi is 1.33 times more volatile than Kuang Chi Technologies. It trades about 0.02 of its total potential returns per unit of risk. Kuang Chi Technologies is currently generating about 0.14 per unit of volatility. If you would invest 1,374 in Kuang Chi Technologies on September 14, 2024 and sell it today you would earn a total of 2,899 from holding Kuang Chi Technologies or generate 210.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qingdao Hi Tech Moulds vs. Kuang Chi Technologies
Performance |
| Timeline |
| Qingdao Hi Tech |
| Kuang Chi Technologies |
Qingdao Hi and Kuang Chi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Hi and Kuang Chi
The main advantage of trading using opposite Qingdao Hi and Kuang Chi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Hi position performs unexpectedly, Kuang Chi 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 Kuang Chi will offset losses from the drop in Kuang Chi's long position.| Qingdao Hi vs. Ming Yang Smart | Qingdao Hi vs. 159681 | Qingdao Hi vs. 159005 | Qingdao Hi vs. Loctek Ergonomic Technology |
| Kuang Chi vs. BeiGene | Kuang Chi vs. Kweichow Moutai Co | Kuang Chi vs. Beijing Roborock Technology | Kuang Chi vs. G bits Network 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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