Correlation Between Qilu Bank and Beken Corp
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By analyzing existing cross correlation between Qilu Bank Co and Beken Corp, you can compare the effects of market volatilities on Qilu Bank and Beken Corp 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 Beken Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qilu Bank and Beken Corp.
Diversification Opportunities for Qilu Bank and Beken Corp
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Qilu and Beken is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Qilu Bank Co and Beken Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beken Corp 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 Beken Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beken Corp has no effect on the direction of Qilu Bank i.e., Qilu Bank and Beken Corp go up and down completely randomly.
Pair Corralation between Qilu Bank and Beken Corp
Assuming the 90 days trading horizon Qilu Bank is expected to generate 7.97 times less return on investment than Beken Corp. But when comparing it to its historical volatility, Qilu Bank Co is 3.66 times less risky than Beken Corp. It trades about 0.12 of its potential returns per unit of risk. Beken Corp is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 2,869 in Beken Corp on October 31, 2024 and sell it today you would earn a total of 1,178 from holding Beken Corp or generate 41.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qilu Bank Co vs. Beken Corp
Performance |
| Timeline |
| Qilu Bank |
| Beken Corp |
Qilu Bank and Beken Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qilu Bank and Beken Corp
The main advantage of trading using opposite Qilu Bank and Beken Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qilu Bank position performs unexpectedly, Beken Corp 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 Beken Corp will offset losses from the drop in Beken Corp's long position.| Qilu Bank vs. Liaoning Chengda Biotechnology | Qilu Bank vs. Bloomage Biotechnology Corp | Qilu Bank vs. Anhui Huaheng Biotechnology | Qilu Bank vs. Fujian Wanchen Biotechnology |
| Beken Corp vs. MayAir Technology Co | Beken Corp vs. Dezhan HealthCare Co | Beken Corp vs. Beijing Jiaman Dress | Beken Corp vs. Zbit Semiconductor A |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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