Correlation Between Qilu Bank and Hainan Haiqi
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By analyzing existing cross correlation between Qilu Bank Co and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Qilu Bank and Hainan Haiqi 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 Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qilu Bank and Hainan Haiqi.
Diversification Opportunities for Qilu Bank and Hainan Haiqi
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Qilu and Hainan is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Qilu Bank Co and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo 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 Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Qilu Bank i.e., Qilu Bank and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Qilu Bank and Hainan Haiqi
Assuming the 90 days trading horizon Qilu Bank Co is expected to under-perform the Hainan Haiqi. But the stock apears to be less risky and, when comparing its historical volatility, Qilu Bank Co is 2.17 times less risky than Hainan Haiqi. The stock trades about -0.25 of its potential returns per unit of risk. The Hainan Haiqi Transportation is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 1,931 in Hainan Haiqi Transportation on September 5, 2024 and sell it today you would earn a total of 241.00 from holding Hainan Haiqi Transportation or generate 12.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qilu Bank Co vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Qilu Bank |
| Hainan Haiqi Transpo |
Qilu Bank and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qilu Bank and Hainan Haiqi
The main advantage of trading using opposite Qilu Bank and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qilu Bank position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Qilu Bank vs. Industrial and Commercial | Qilu Bank vs. Agricultural Bank of | Qilu Bank vs. China Construction Bank | Qilu Bank vs. Bank of China |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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