Correlation Between Qilu Bank and Leaguer Shenzhen
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By analyzing existing cross correlation between Qilu Bank Co and Leaguer Shenzhen MicroElectronics, you can compare the effects of market volatilities on Qilu Bank and Leaguer Shenzhen 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 Leaguer Shenzhen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qilu Bank and Leaguer Shenzhen.
Diversification Opportunities for Qilu Bank and Leaguer Shenzhen
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Qilu and Leaguer is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Qilu Bank Co and Leaguer Shenzhen MicroElectron in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Leaguer Shenzhen Mic 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 Leaguer Shenzhen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Leaguer Shenzhen Mic has no effect on the direction of Qilu Bank i.e., Qilu Bank and Leaguer Shenzhen go up and down completely randomly.
Pair Corralation between Qilu Bank and Leaguer Shenzhen
Assuming the 90 days trading horizon Qilu Bank Co is expected to generate 0.54 times more return on investment than Leaguer Shenzhen. However, Qilu Bank Co is 1.84 times less risky than Leaguer Shenzhen. It trades about 0.08 of its potential returns per unit of risk. Leaguer Shenzhen MicroElectronics is currently generating about 0.01 per unit of risk. If you would invest 374.00 in Qilu Bank Co on September 12, 2024 and sell it today you would earn a total of 156.00 from holding Qilu Bank Co or generate 41.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qilu Bank Co vs. Leaguer Shenzhen MicroElectron
Performance |
| Timeline |
| Qilu Bank |
| Leaguer Shenzhen Mic |
Qilu Bank and Leaguer Shenzhen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qilu Bank and Leaguer Shenzhen
The main advantage of trading using opposite Qilu Bank and Leaguer Shenzhen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qilu Bank position performs unexpectedly, Leaguer Shenzhen 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 Leaguer Shenzhen will offset losses from the drop in Leaguer Shenzhen's long position.| Qilu Bank vs. China Petroleum Chemical | Qilu Bank vs. PetroChina Co Ltd | Qilu Bank vs. China Mobile Limited | Qilu Bank vs. Industrial and Commercial |
| Leaguer Shenzhen vs. Gansu Jiu Steel | Leaguer Shenzhen vs. Shandong Mining Machinery | Leaguer Shenzhen vs. Aba Chemicals Corp | Leaguer Shenzhen vs. BlueFocus Communication 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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