Correlation Between Gem Year and Qiming Information
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By analyzing existing cross correlation between Gem Year Industrial Co and Qiming Information Technology, you can compare the effects of market volatilities on Gem Year and Qiming Information 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 Gem Year with a short position of Qiming Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gem Year and Qiming Information.
Diversification Opportunities for Gem Year and Qiming Information
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gem and Qiming is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Gem Year Industrial Co and Qiming Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qiming Information and Gem Year 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 Gem Year Industrial Co are associated (or correlated) with Qiming Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qiming Information has no effect on the direction of Gem Year i.e., Gem Year and Qiming Information go up and down completely randomly.
Pair Corralation between Gem Year and Qiming Information
Assuming the 90 days trading horizon Gem Year Industrial Co is expected to generate 0.62 times more return on investment than Qiming Information. However, Gem Year Industrial Co is 1.61 times less risky than Qiming Information. It trades about 0.02 of its potential returns per unit of risk. Qiming Information Technology is currently generating about -0.13 per unit of risk. If you would invest 447.00 in Gem Year Industrial Co on October 28, 2024 and sell it today you would earn a total of 2.00 from holding Gem Year Industrial Co or generate 0.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gem Year Industrial Co vs. Qiming Information Technology
Performance |
| Timeline |
| Gem Year Industrial |
| Qiming Information |
Gem Year and Qiming Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gem Year and Qiming Information
The main advantage of trading using opposite Gem Year and Qiming Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gem Year position performs unexpectedly, Qiming Information 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 Qiming Information will offset losses from the drop in Qiming Information's long position.| Gem Year vs. Jiangsu Xinri E Vehicle | Gem Year vs. Southchip Semiconductor Technology | Gem Year vs. Union Semiconductor Co | Gem Year vs. Zotye Automobile Co |
| Qiming Information vs. Bank of China | Qiming Information vs. Kweichow Moutai Co | Qiming Information vs. PetroChina Co Ltd | Qiming Information vs. Bank of Communications |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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