Correlation Between Qilu Bank and Anji Foodstuff
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By analyzing existing cross correlation between Qilu Bank Co and Anji Foodstuff Co, you can compare the effects of market volatilities on Qilu Bank and Anji Foodstuff 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 Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qilu Bank and Anji Foodstuff.
Diversification Opportunities for Qilu Bank and Anji Foodstuff
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Qilu and Anji is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Qilu Bank Co and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff 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 Anji Foodstuff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Foodstuff has no effect on the direction of Qilu Bank i.e., Qilu Bank and Anji Foodstuff go up and down completely randomly.
Pair Corralation between Qilu Bank and Anji Foodstuff
Assuming the 90 days trading horizon Qilu Bank Co is expected to generate 0.64 times more return on investment than Anji Foodstuff. However, Qilu Bank Co is 1.55 times less risky than Anji Foodstuff. It trades about 0.09 of its potential returns per unit of risk. Anji Foodstuff Co is currently generating about 0.06 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 Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qilu Bank Co vs. Anji Foodstuff Co
Performance |
| Timeline |
| Qilu Bank |
| Anji Foodstuff |
Qilu Bank and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qilu Bank and Anji Foodstuff
The main advantage of trading using opposite Qilu Bank and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qilu Bank position performs unexpectedly, Anji Foodstuff 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 Anji Foodstuff will offset losses from the drop in Anji Foodstuff'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 |
| Anji Foodstuff vs. Beijing Enlight Media | Anji Foodstuff vs. Kingclean Electric Co | Anji Foodstuff vs. Mango Excellent Media | Anji Foodstuff vs. Omnijoi Media Corp |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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