Correlation Between Qingdao Citymedia and Anhui Deli
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By analyzing existing cross correlation between Qingdao Citymedia Co and Anhui Deli Household, you can compare the effects of market volatilities on Qingdao Citymedia and Anhui Deli 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 Citymedia with a short position of Anhui Deli. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Citymedia and Anhui Deli.
Diversification Opportunities for Qingdao Citymedia and Anhui Deli
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Qingdao and Anhui is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Citymedia Co and Anhui Deli Household in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Deli Household and Qingdao Citymedia 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 Citymedia Co are associated (or correlated) with Anhui Deli. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Deli Household has no effect on the direction of Qingdao Citymedia i.e., Qingdao Citymedia and Anhui Deli go up and down completely randomly.
Pair Corralation between Qingdao Citymedia and Anhui Deli
Assuming the 90 days trading horizon Qingdao Citymedia Co is expected to generate 0.96 times more return on investment than Anhui Deli. However, Qingdao Citymedia Co is 1.04 times less risky than Anhui Deli. It trades about 0.14 of its potential returns per unit of risk. Anhui Deli Household is currently generating about -0.04 per unit of risk. If you would invest 741.00 in Qingdao Citymedia Co on September 24, 2024 and sell it today you would earn a total of 48.00 from holding Qingdao Citymedia Co or generate 6.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qingdao Citymedia Co vs. Anhui Deli Household
Performance |
| Timeline |
| Qingdao Citymedia |
| Anhui Deli Household |
Qingdao Citymedia and Anhui Deli Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Citymedia and Anhui Deli
The main advantage of trading using opposite Qingdao Citymedia and Anhui Deli positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Citymedia position performs unexpectedly, Anhui Deli 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 Anhui Deli will offset losses from the drop in Anhui Deli's long position.| Qingdao Citymedia vs. PetroChina Co Ltd | Qingdao Citymedia vs. China Mobile Limited | Qingdao Citymedia vs. CNOOC Limited | Qingdao Citymedia vs. Ping An Insurance |
| Anhui Deli vs. BYD Co Ltd | Anhui Deli vs. China Mobile Limited | Anhui Deli vs. Agricultural Bank of | Anhui Deli vs. Industrial and Commercial |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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