Correlation Between Chengtun Mining and Qtone Education
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By analyzing existing cross correlation between Chengtun Mining Group and Qtone Education Group, you can compare the effects of market volatilities on Chengtun Mining and Qtone Education 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 Chengtun Mining with a short position of Qtone Education. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengtun Mining and Qtone Education.
Diversification Opportunities for Chengtun Mining and Qtone Education
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Chengtun and Qtone is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Chengtun Mining Group and Qtone Education Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qtone Education Group and Chengtun Mining 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 Chengtun Mining Group are associated (or correlated) with Qtone Education. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qtone Education Group has no effect on the direction of Chengtun Mining i.e., Chengtun Mining and Qtone Education go up and down completely randomly.
Pair Corralation between Chengtun Mining and Qtone Education
Assuming the 90 days trading horizon Chengtun Mining Group is expected to under-perform the Qtone Education. But the stock apears to be less risky and, when comparing its historical volatility, Chengtun Mining Group is 1.71 times less risky than Qtone Education. The stock trades about -0.15 of its potential returns per unit of risk. The Qtone Education Group is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 514.00 in Qtone Education Group on November 18, 2024 and sell it today you would earn a total of 68.00 from holding Qtone Education Group or generate 13.23% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Chengtun Mining Group vs. Qtone Education Group
Performance |
Timeline |
Chengtun Mining Group |
Qtone Education Group |
Chengtun Mining and Qtone Education Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Chengtun Mining and Qtone Education
The main advantage of trading using opposite Chengtun Mining and Qtone Education positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengtun Mining position performs unexpectedly, Qtone Education 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 Qtone Education will offset losses from the drop in Qtone Education's long position.Chengtun Mining vs. Beijing Bewinner Communications | ||
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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