Correlation Between Bank of Communications and Quectel Wireless
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By analyzing existing cross correlation between Bank of Communications and Quectel Wireless Solutions, you can compare the effects of market volatilities on Bank of Communications and Quectel Wireless 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 Bank of Communications with a short position of Quectel Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of Communications and Quectel Wireless.
Diversification Opportunities for Bank of Communications and Quectel Wireless
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bank and Quectel is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Communications and Quectel Wireless Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quectel Wireless Sol and Bank of Communications 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 Bank of Communications are associated (or correlated) with Quectel Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quectel Wireless Sol has no effect on the direction of Bank of Communications i.e., Bank of Communications and Quectel Wireless go up and down completely randomly.
Pair Corralation between Bank of Communications and Quectel Wireless
Assuming the 90 days trading horizon Bank of Communications is expected to generate 0.45 times more return on investment than Quectel Wireless. However, Bank of Communications is 2.23 times less risky than Quectel Wireless. It trades about 0.07 of its potential returns per unit of risk. Quectel Wireless Solutions is currently generating about 0.03 per unit of risk. If you would invest 577.00 in Bank of Communications on September 4, 2024 and sell it today you would earn a total of 147.00 from holding Bank of Communications or generate 25.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of Communications vs. Quectel Wireless Solutions
Performance |
| Timeline |
| Bank of Communications |
| Quectel Wireless Sol |
Bank of Communications and Quectel Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of Communications and Quectel Wireless
The main advantage of trading using opposite Bank of Communications and Quectel Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of Communications position performs unexpectedly, Quectel Wireless 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 Quectel Wireless will offset losses from the drop in Quectel Wireless' long position.| Bank of Communications vs. Ming Yang Smart | Bank of Communications vs. 159681 | Bank of Communications vs. 159005 | Bank of Communications vs. Loctek Ergonomic Technology |
| Quectel Wireless vs. Industrial and Commercial | Quectel Wireless vs. China Construction Bank | Quectel Wireless vs. Bank of China | Quectel Wireless vs. Agricultural Bank of |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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