Correlation Between Qingdao Citymedia and MayAir Technology
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By analyzing existing cross correlation between Qingdao Citymedia Co and MayAir Technology Co, you can compare the effects of market volatilities on Qingdao Citymedia and MayAir Technology 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 MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Citymedia and MayAir Technology.
Diversification Opportunities for Qingdao Citymedia and MayAir Technology
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Qingdao and MayAir is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Citymedia Co and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology 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 MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of Qingdao Citymedia i.e., Qingdao Citymedia and MayAir Technology go up and down completely randomly.
Pair Corralation between Qingdao Citymedia and MayAir Technology
Assuming the 90 days trading horizon Qingdao Citymedia is expected to generate 1.4 times less return on investment than MayAir Technology. But when comparing it to its historical volatility, Qingdao Citymedia Co is 1.94 times less risky than MayAir Technology. It trades about 0.15 of its potential returns per unit of risk. MayAir Technology Co is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 2,888 in MayAir Technology Co on September 2, 2024 and sell it today you would earn a total of 770.00 from holding MayAir Technology Co or generate 26.66% 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. MayAir Technology Co
Performance |
| Timeline |
| Qingdao Citymedia |
| MayAir Technology |
Qingdao Citymedia and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Citymedia and MayAir Technology
The main advantage of trading using opposite Qingdao Citymedia and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Citymedia position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.| Qingdao Citymedia vs. Ye Chiu Metal | Qingdao Citymedia vs. State Grid InformationCommunication | Qingdao Citymedia vs. Jilin Jlu Communication | Qingdao Citymedia vs. Guangdong Advertising Co |
| MayAir Technology vs. Cultural Investment Holdings | MayAir Technology vs. Gome Telecom Equipment | MayAir Technology vs. Bus Online Co | MayAir Technology vs. Holitech Technology Co |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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