Correlation Between Heilongjiang Transport and Qilu Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between Heilongjiang Transport Development and Qilu Bank Co, you can compare the effects of market volatilities on Heilongjiang Transport and Qilu Bank 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 Heilongjiang Transport with a short position of Qilu Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Transport and Qilu Bank.
Diversification Opportunities for Heilongjiang Transport and Qilu Bank
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Heilongjiang and Qilu is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Transport Develop and Qilu Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qilu Bank and Heilongjiang Transport 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 Heilongjiang Transport Development are associated (or correlated) with Qilu Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qilu Bank has no effect on the direction of Heilongjiang Transport i.e., Heilongjiang Transport and Qilu Bank go up and down completely randomly.
Pair Corralation between Heilongjiang Transport and Qilu Bank
Assuming the 90 days trading horizon Heilongjiang Transport Development is expected to generate 1.08 times more return on investment than Qilu Bank. However, Heilongjiang Transport is 1.08 times more volatile than Qilu Bank Co. It trades about 0.18 of its potential returns per unit of risk. Qilu Bank Co is currently generating about -0.25 per unit of risk. If you would invest 371.00 in Heilongjiang Transport Development on September 5, 2024 and sell it today you would earn a total of 25.00 from holding Heilongjiang Transport Development or generate 6.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heilongjiang Transport Develop vs. Qilu Bank Co
Performance |
| Timeline |
| Heilongjiang Transport |
| Qilu Bank |
Heilongjiang Transport and Qilu Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heilongjiang Transport and Qilu Bank
The main advantage of trading using opposite Heilongjiang Transport and Qilu Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Transport position performs unexpectedly, Qilu Bank 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 Qilu Bank will offset losses from the drop in Qilu Bank's long position.| Heilongjiang Transport vs. China Life Insurance | Heilongjiang Transport vs. Cinda Securities Co | Heilongjiang Transport vs. Piotech Inc A | Heilongjiang Transport vs. Dongxing Sec Co |
| Qilu Bank vs. Industrial and Commercial | Qilu Bank vs. Agricultural Bank of | Qilu Bank vs. China Construction Bank | Qilu Bank vs. Bank of China |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Stocks Directory Find actively traded stocks across global markets |