Correlation Between Qilu Bank and GRG Banking
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By analyzing existing cross correlation between Qilu Bank Co and GRG Banking Equipment, you can compare the effects of market volatilities on Qilu Bank and GRG Banking 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 Qilu Bank with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qilu Bank and GRG Banking.
Diversification Opportunities for Qilu Bank and GRG Banking
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Qilu and GRG is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Qilu Bank Co and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment and Qilu Bank 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 Qilu Bank Co are associated (or correlated) with GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of Qilu Bank i.e., Qilu Bank and GRG Banking go up and down completely randomly.
Pair Corralation between Qilu Bank and GRG Banking
Assuming the 90 days trading horizon Qilu Bank Co is expected to generate 0.77 times more return on investment than GRG Banking. However, Qilu Bank Co is 1.3 times less risky than GRG Banking. It trades about 0.04 of its potential returns per unit of risk. GRG Banking Equipment is currently generating about 0.01 per unit of risk. If you would invest 407.00 in Qilu Bank Co on August 29, 2024 and sell it today you would earn a total of 101.00 from holding Qilu Bank Co or generate 24.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qilu Bank Co vs. GRG Banking Equipment
Performance |
| Timeline |
| Qilu Bank |
| GRG Banking Equipment |
Qilu Bank and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qilu Bank and GRG Banking
The main advantage of trading using opposite Qilu Bank and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qilu Bank position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| Qilu Bank vs. China Life Insurance | Qilu Bank vs. Piotech Inc A | Qilu Bank vs. Dongxing Sec Co | Qilu Bank vs. Shanghai OPM Biosciences |
| GRG Banking vs. New Hope Dairy | GRG Banking vs. Shantou Wanshun Package | GRG Banking vs. Youyou Foods Co | GRG Banking vs. Omnijoi Media Corp |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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