Correlation Between Panda Financial and Impulse Qingdao
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By analyzing existing cross correlation between Panda Financial Holding and Impulse Qingdao Health, you can compare the effects of market volatilities on Panda Financial 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 Panda Financial with a short position of Impulse Qingdao. Check out your portfolio center. Please also check ongoing floating volatility patterns of Panda Financial and Impulse Qingdao.
Diversification Opportunities for Panda Financial and Impulse Qingdao
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Panda and Impulse is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Panda Financial Holding 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 Panda Financial 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 Panda Financial Holding 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 Panda Financial i.e., Panda Financial and Impulse Qingdao go up and down completely randomly.
Pair Corralation between Panda Financial and Impulse Qingdao
Assuming the 90 days trading horizon Panda Financial Holding is expected to under-perform the Impulse Qingdao. But the stock apears to be less risky and, when comparing its historical volatility, Panda Financial Holding is 1.19 times less risky than Impulse Qingdao. The stock trades about -0.19 of its potential returns per unit of risk. The Impulse Qingdao Health is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 2,184 in Impulse Qingdao Health on October 24, 2024 and sell it today you would earn a total of 210.00 from holding Impulse Qingdao Health or generate 9.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Panda Financial Holding vs. Impulse Qingdao Health
Performance |
| Timeline |
| Panda Financial Holding |
| Impulse Qingdao Health |
Panda Financial and Impulse Qingdao Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Panda Financial and Impulse Qingdao
The main advantage of trading using opposite Panda Financial and Impulse Qingdao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Panda Financial 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.| Panda Financial vs. Beijing Seeyon Internet | Panda Financial vs. Guilin Seamild Foods | Panda Financial vs. HaiXin Foods Co | Panda Financial vs. Nanjing Putian Telecommunications |
| Impulse Qingdao vs. Digiwin Software Co | Impulse Qingdao vs. Agricultural Bank of | Impulse Qingdao vs. Changchun UP Optotech | Impulse Qingdao vs. Panda Financial Holding |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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