Correlation Between 360 Security and Chongqing Gas
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By analyzing existing cross correlation between 360 Security Technology and Chongqing Gas Grp, you can compare the effects of market volatilities on 360 Security and Chongqing Gas 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 360 Security with a short position of Chongqing Gas. Check out your portfolio center. Please also check ongoing floating volatility patterns of 360 Security and Chongqing Gas.
Diversification Opportunities for 360 Security and Chongqing Gas
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 360 and Chongqing is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding 360 Security Technology and Chongqing Gas Grp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Gas Grp and 360 Security 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 360 Security Technology are associated (or correlated) with Chongqing Gas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Gas Grp has no effect on the direction of 360 Security i.e., 360 Security and Chongqing Gas go up and down completely randomly.
Pair Corralation between 360 Security and Chongqing Gas
Assuming the 90 days trading horizon 360 Security Technology is expected to generate 2.07 times more return on investment than Chongqing Gas. However, 360 Security is 2.07 times more volatile than Chongqing Gas Grp. It trades about 0.07 of its potential returns per unit of risk. Chongqing Gas Grp is currently generating about 0.02 per unit of risk. If you would invest 693.00 in 360 Security Technology on November 3, 2024 and sell it today you would earn a total of 417.00 from holding 360 Security Technology or generate 60.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
360 Security Technology vs. Chongqing Gas Grp
Performance |
| Timeline |
| 360 Security Technology |
| Chongqing Gas Grp |
360 Security and Chongqing Gas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 360 Security and Chongqing Gas
The main advantage of trading using opposite 360 Security and Chongqing Gas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 360 Security position performs unexpectedly, Chongqing Gas 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 Chongqing Gas will offset losses from the drop in Chongqing Gas' long position.| 360 Security vs. HengFeng Information Technology | 360 Security vs. Zhongfu Information | 360 Security vs. Hygon Information Technology | 360 Security vs. Sublime China Information |
| Chongqing Gas vs. Shengda Mining Co | Chongqing Gas vs. Quectel Wireless Solutions | Chongqing Gas vs. JCHX Mining Management | Chongqing Gas vs. Nanxing Furniture Machinery |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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