Correlation Between Qilu Bank and Industrial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Qilu Bank Co and Industrial and Commercial, you can compare the effects of market volatilities on Qilu Bank and Industrial 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 Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qilu Bank and Industrial.
Diversification Opportunities for Qilu Bank and Industrial
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Qilu and Industrial is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Qilu Bank Co and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial 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 Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of Qilu Bank i.e., Qilu Bank and Industrial go up and down completely randomly.
Pair Corralation between Qilu Bank and Industrial
Assuming the 90 days trading horizon Qilu Bank Co is expected to generate 1.11 times more return on investment than Industrial. However, Qilu Bank is 1.11 times more volatile than Industrial and Commercial. It trades about 0.2 of its potential returns per unit of risk. Industrial and Commercial is currently generating about 0.05 per unit of risk. If you would invest 527.00 in Qilu Bank Co on October 21, 2024 and sell it today you would earn a total of 33.00 from holding Qilu Bank Co or generate 6.26% 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. Industrial and Commercial
Performance |
| Timeline |
| Qilu Bank |
| Industrial and Commercial |
Qilu Bank and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qilu Bank and Industrial
The main advantage of trading using opposite Qilu Bank and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qilu Bank position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial's long position.| Qilu Bank vs. Shanghai Broadband Technology | Qilu Bank vs. Zhongshan Broad Ocean Motor | Qilu Bank vs. Shanghai Jinfeng Wine | Qilu Bank vs. Beijing Shunxin Agriculture |
| Industrial vs. Shenzhen Silver Basis | Industrial vs. Dezhan HealthCare Co | Industrial vs. De Rucci Healthy | Industrial vs. Humanwell Healthcare Group |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |