Correlation Between Qilu Bank and NBTM New
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By analyzing existing cross correlation between Qilu Bank Co and NBTM New Materials, you can compare the effects of market volatilities on Qilu Bank and NBTM New 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 NBTM New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qilu Bank and NBTM New.
Diversification Opportunities for Qilu Bank and NBTM New
Weak diversification
The 3 months correlation between Qilu and NBTM is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Qilu Bank Co and NBTM New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NBTM New Materials 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 NBTM New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NBTM New Materials has no effect on the direction of Qilu Bank i.e., Qilu Bank and NBTM New go up and down completely randomly.
Pair Corralation between Qilu Bank and NBTM New
Assuming the 90 days trading horizon Qilu Bank is expected to generate 2.05 times less return on investment than NBTM New. But when comparing it to its historical volatility, Qilu Bank Co is 2.08 times less risky than NBTM New. It trades about 0.05 of its potential returns per unit of risk. NBTM New Materials is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 963.00 in NBTM New Materials on October 18, 2024 and sell it today you would earn a total of 694.00 from holding NBTM New Materials or generate 72.07% 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. NBTM New Materials
Performance |
| Timeline |
| Qilu Bank |
| NBTM New Materials |
Qilu Bank and NBTM New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qilu Bank and NBTM New
The main advantage of trading using opposite Qilu Bank and NBTM New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qilu Bank position performs unexpectedly, NBTM New 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 NBTM New will offset losses from the drop in NBTM New's long position.| Qilu Bank vs. Cowealth Medical China | Qilu Bank vs. Tinavi Medical Technologies | Qilu Bank vs. Hainan Haiqi Transportation | Qilu Bank vs. Allgens Medical Technology |
| NBTM New vs. Peoples Insurance of | NBTM New vs. Shenwu Energy Saving | NBTM New vs. Financial Street Holdings | NBTM New vs. Qilu Bank Co |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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