Correlation Between China Asset and Impulse Qingdao
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Asset Management and Impulse Qingdao Health, you can compare the effects of market volatilities on China Asset and Impulse Qingdao 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 China Asset with a short position of Impulse Qingdao. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Asset and Impulse Qingdao.
Diversification Opportunities for China Asset and Impulse Qingdao
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between China and Impulse is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding China Asset Management and Impulse Qingdao Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impulse Qingdao Health and China Asset 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 China Asset Management are associated (or correlated) with Impulse Qingdao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impulse Qingdao Health has no effect on the direction of China Asset i.e., China Asset and Impulse Qingdao go up and down completely randomly.
Pair Corralation between China Asset and Impulse Qingdao
Assuming the 90 days trading horizon China Asset is expected to generate 2.03 times less return on investment than Impulse Qingdao. But when comparing it to its historical volatility, China Asset Management is 3.41 times less risky than Impulse Qingdao. It trades about 0.09 of its potential returns per unit of risk. Impulse Qingdao Health is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,288 in Impulse Qingdao Health on October 13, 2024 and sell it today you would earn a total of 918.00 from holding Impulse Qingdao Health or generate 71.27% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
China Asset Management vs. Impulse Qingdao Health
Performance |
Timeline |
China Asset Management |
Impulse Qingdao Health |
China Asset and Impulse Qingdao Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with China Asset and Impulse Qingdao
The main advantage of trading using opposite China Asset and Impulse Qingdao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Asset position performs unexpectedly, Impulse Qingdao 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 Impulse Qingdao will offset losses from the drop in Impulse Qingdao's long position.China Asset vs. Qiaoyin Environmental Tech | China Asset vs. Dawning Information Industry | China Asset vs. ButOne Information Corp | China Asset vs. Tongxing Environmental Protection |
Impulse Qingdao vs. Mengtian Home Group | Impulse Qingdao vs. Chengdu Xinzhu RoadBridge | Impulse Qingdao vs. Luolai Home Textile | Impulse Qingdao vs. Xinjiang Beixin RoadBridge |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
Stocks Directory Find actively traded stocks across global markets | |
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |