Correlation Between Shandong Sanyuan and Qi An
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By analyzing existing cross correlation between Shandong Sanyuan Biotechnology and Qi An Xin, you can compare the effects of market volatilities on Shandong Sanyuan 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 Shandong Sanyuan with a short position of Qi An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Sanyuan and Qi An.
Diversification Opportunities for Shandong Sanyuan and Qi An
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shandong and 688561 is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Sanyuan Biotechnology 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 Shandong Sanyuan 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 Shandong Sanyuan Biotechnology 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 Shandong Sanyuan i.e., Shandong Sanyuan and Qi An go up and down completely randomly.
Pair Corralation between Shandong Sanyuan and Qi An
Assuming the 90 days trading horizon Shandong Sanyuan Biotechnology is expected to generate 0.52 times more return on investment than Qi An. However, Shandong Sanyuan Biotechnology is 1.92 times less risky than Qi An. It trades about 0.02 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 2,787 in Shandong Sanyuan Biotechnology on September 1, 2024 and sell it today you would earn a total of 13.00 from holding Shandong Sanyuan Biotechnology or generate 0.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Sanyuan Biotechnology vs. Qi An Xin
Performance |
| Timeline |
| Shandong Sanyuan Bio |
| Qi An Xin |
Shandong Sanyuan and Qi An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Sanyuan and Qi An
The main advantage of trading using opposite Shandong Sanyuan and Qi An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Sanyuan 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.| Shandong Sanyuan vs. Jointo Energy Investment | Shandong Sanyuan vs. Hubei Geoway Investment | Shandong Sanyuan vs. Henan Shuanghui Investment | Shandong Sanyuan vs. Cultural Investment Holdings |
| 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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