Correlation Between Qingdao Port and Shanghai Jin
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By analyzing existing cross correlation between Qingdao Port International and Shanghai Jin Jiang, you can compare the effects of market volatilities on Qingdao Port and Shanghai Jin 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 Shanghai Jin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Port and Shanghai Jin.
Diversification Opportunities for Qingdao Port and Shanghai Jin
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Qingdao and Shanghai is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Port International and Shanghai Jin Jiang in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Jin Jiang 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 Shanghai Jin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Jin Jiang has no effect on the direction of Qingdao Port i.e., Qingdao Port and Shanghai Jin go up and down completely randomly.
Pair Corralation between Qingdao Port and Shanghai Jin
Assuming the 90 days trading horizon Qingdao Port International is expected to generate 0.47 times more return on investment than Shanghai Jin. However, Qingdao Port International is 2.12 times less risky than Shanghai Jin. It trades about 0.1 of its potential returns per unit of risk. Shanghai Jin Jiang is currently generating about -0.22 per unit of risk. If you would invest 835.00 in Qingdao Port International on August 30, 2024 and sell it today you would earn a total of 21.00 from holding Qingdao Port International or generate 2.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qingdao Port International vs. Shanghai Jin Jiang
Performance |
| Timeline |
| Qingdao Port Interna |
| Shanghai Jin Jiang |
Qingdao Port and Shanghai Jin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Port and Shanghai Jin
The main advantage of trading using opposite Qingdao Port and Shanghai Jin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Port position performs unexpectedly, Shanghai Jin 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 Shanghai Jin will offset losses from the drop in Shanghai Jin's long position.| Qingdao Port vs. Xiwang Foodstuffs Co | Qingdao Port vs. Datang HuaYin Electric | Qingdao Port vs. Beijing Sanyuan Foods | Qingdao Port vs. State Grid InformationCommunication |
| Shanghai Jin vs. Hunan Investment Group | Shanghai Jin vs. Silkroad Visual Technology | Shanghai Jin vs. Shandong Hi Speed RoadBridge | Shanghai Jin vs. Harbin Hatou Investment |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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