Correlation Between Qilu Bank and Gan Yuan
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By analyzing existing cross correlation between Qilu Bank Co and Gan Yuan Foods, you can compare the effects of market volatilities on Qilu Bank and Gan Yuan 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 Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qilu Bank and Gan Yuan.
Diversification Opportunities for Qilu Bank and Gan Yuan
Weak diversification
The 3 months correlation between Qilu and Gan is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Qilu Bank Co and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan Foods 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 Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of Qilu Bank i.e., Qilu Bank and Gan Yuan go up and down completely randomly.
Pair Corralation between Qilu Bank and Gan Yuan
Assuming the 90 days trading horizon Qilu Bank Co is expected to generate 0.76 times more return on investment than Gan Yuan. However, Qilu Bank Co is 1.31 times less risky than Gan Yuan. It trades about 0.09 of its potential returns per unit of risk. Gan Yuan Foods is currently generating about 0.05 per unit of risk. If you would invest 401.00 in Qilu Bank Co on November 3, 2024 and sell it today you would earn a total of 177.00 from holding Qilu Bank Co or generate 44.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qilu Bank Co vs. Gan Yuan Foods
Performance |
| Timeline |
| Qilu Bank |
| Gan Yuan Foods |
Qilu Bank and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qilu Bank and Gan Yuan
The main advantage of trading using opposite Qilu Bank and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qilu Bank position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan's long position.| Qilu Bank vs. Hangzhou Zhongya Machinery | Qilu Bank vs. Huasi Agricultural Development | Qilu Bank vs. Suzhou Oriental Semiconductor | Qilu Bank vs. Shantui Construction Machinery |
| Gan Yuan vs. Xinjiang Baodi Mining | Gan Yuan vs. Guangzhou Jointas Chemical | Gan Yuan vs. Ningbo Fujia Industrial | Gan Yuan vs. Shenzhen Noposion Agrochemicals |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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