Correlation Between Qilu Bank and Giantec Semiconductor
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By analyzing existing cross correlation between Qilu Bank Co and Giantec Semiconductor Corp, you can compare the effects of market volatilities on Qilu Bank and Giantec Semiconductor 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 Giantec Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qilu Bank and Giantec Semiconductor.
Diversification Opportunities for Qilu Bank and Giantec Semiconductor
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Qilu and Giantec is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Qilu Bank Co and Giantec Semiconductor Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Giantec Semiconductor 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 Giantec Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Giantec Semiconductor has no effect on the direction of Qilu Bank i.e., Qilu Bank and Giantec Semiconductor go up and down completely randomly.
Pair Corralation between Qilu Bank and Giantec Semiconductor
Assuming the 90 days trading horizon Qilu Bank is expected to generate 1.43 times less return on investment than Giantec Semiconductor. But when comparing it to its historical volatility, Qilu Bank Co is 3.46 times less risky than Giantec Semiconductor. It trades about 0.05 of its potential returns per unit of risk. Giantec Semiconductor Corp is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 6,350 in Giantec Semiconductor Corp on October 14, 2024 and sell it today you would earn a total of 1.00 from holding Giantec Semiconductor Corp or generate 0.02% 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. Giantec Semiconductor Corp
Performance |
| Timeline |
| Qilu Bank |
| Giantec Semiconductor |
Qilu Bank and Giantec Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qilu Bank and Giantec Semiconductor
The main advantage of trading using opposite Qilu Bank and Giantec Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qilu Bank position performs unexpectedly, Giantec Semiconductor 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 Giantec Semiconductor will offset losses from the drop in Giantec Semiconductor's long position.| Qilu Bank vs. Fiberhome Telecommunication Technologies | Qilu Bank vs. Shantou Wanshun Package | Qilu Bank vs. Ziel Home Furnishing | Qilu Bank vs. Shandong Homey Aquatic |
| Giantec Semiconductor vs. Shenwu Energy Saving | Giantec Semiconductor vs. Bank of Suzhou | Giantec Semiconductor vs. Qilu Bank Co | Giantec Semiconductor vs. Industrial 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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