Correlation Between Qingdao Port and Henan Shuanghui
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By analyzing existing cross correlation between Qingdao Port International and Henan Shuanghui Investment, you can compare the effects of market volatilities on Qingdao Port and Henan Shuanghui 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 Port with a short position of Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Port and Henan Shuanghui.
Diversification Opportunities for Qingdao Port and Henan Shuanghui
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Qingdao and Henan is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Port International and Henan Shuanghui Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Shuanghui Inve and Qingdao Port 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 Port International are associated (or correlated) with Henan Shuanghui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Shuanghui Inve has no effect on the direction of Qingdao Port i.e., Qingdao Port and Henan Shuanghui go up and down completely randomly.
Pair Corralation between Qingdao Port and Henan Shuanghui
Assuming the 90 days trading horizon Qingdao Port International is expected to generate 1.25 times more return on investment than Henan Shuanghui. However, Qingdao Port is 1.25 times more volatile than Henan Shuanghui Investment. It trades about 0.09 of its potential returns per unit of risk. Henan Shuanghui Investment is currently generating about 0.0 per unit of risk. If you would invest 618.00 in Qingdao Port International on August 25, 2024 and sell it today you would earn a total of 254.00 from holding Qingdao Port International or generate 41.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qingdao Port International vs. Henan Shuanghui Investment
Performance |
| Timeline |
| Qingdao Port Interna |
| Henan Shuanghui Inve |
Qingdao Port and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Port and Henan Shuanghui
The main advantage of trading using opposite Qingdao Port and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Port position performs unexpectedly, Henan Shuanghui 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 Henan Shuanghui will offset losses from the drop in Henan Shuanghui's long position.| Qingdao Port vs. Keda Clean Energy | Qingdao Port vs. Easyhome New Retail | Qingdao Port vs. Postal Savings Bank | Qingdao Port vs. Zoje Resources Investment |
| Henan Shuanghui vs. Luolai Home Textile | Henan Shuanghui vs. Marssenger Kitchenware Co | Henan Shuanghui vs. Der International Home | Henan Shuanghui vs. Nanjing OLO Home |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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