Correlation Between Qingdao Port and Guilin Seamild
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By analyzing existing cross correlation between Qingdao Port International and Guilin Seamild Foods, you can compare the effects of market volatilities on Qingdao Port and Guilin Seamild 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 Guilin Seamild. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Port and Guilin Seamild.
Diversification Opportunities for Qingdao Port and Guilin Seamild
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Qingdao and Guilin is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Port International and Guilin Seamild Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guilin Seamild Foods 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 Guilin Seamild. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guilin Seamild Foods has no effect on the direction of Qingdao Port i.e., Qingdao Port and Guilin Seamild go up and down completely randomly.
Pair Corralation between Qingdao Port and Guilin Seamild
Assuming the 90 days trading horizon Qingdao Port International is expected to generate 0.71 times more return on investment than Guilin Seamild. However, Qingdao Port International is 1.41 times less risky than Guilin Seamild. It trades about 0.07 of its potential returns per unit of risk. Guilin Seamild Foods is currently generating about 0.03 per unit of risk. If you would invest 522.00 in Qingdao Port International on September 14, 2024 and sell it today you would earn a total of 324.00 from holding Qingdao Port International or generate 62.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qingdao Port International vs. Guilin Seamild Foods
Performance |
| Timeline |
| Qingdao Port Interna |
| Guilin Seamild Foods |
Qingdao Port and Guilin Seamild Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Port and Guilin Seamild
The main advantage of trading using opposite Qingdao Port and Guilin Seamild positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Port position performs unexpectedly, Guilin Seamild 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 Guilin Seamild will offset losses from the drop in Guilin Seamild's long position.| Qingdao Port vs. Guilin Seamild Foods | Qingdao Port vs. Do Fluoride Chemicals Co | Qingdao Port vs. China Aluminum International | Qingdao Port vs. Shandong Polymer Biochemicals |
| Guilin Seamild vs. Nanjing Putian Telecommunications | Guilin Seamild vs. Tianjin Realty Development | Guilin Seamild vs. Kangyue Technology Co | Guilin Seamild vs. Shenzhen Hifuture Electric |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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