Correlation Between China International and Impulse Qingdao
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By analyzing existing cross correlation between China International Capital and Impulse Qingdao Health, you can compare the effects of market volatilities on China International and Impulse Qingdao 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 China International with a short position of Impulse Qingdao. Check out your portfolio center. Please also check ongoing floating volatility patterns of China International and Impulse Qingdao.
Diversification Opportunities for China International and Impulse Qingdao
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between China and Impulse is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding China International Capital and Impulse Qingdao Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impulse Qingdao Health and China International 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 China International Capital are associated (or correlated) with Impulse Qingdao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impulse Qingdao Health has no effect on the direction of China International i.e., China International and Impulse Qingdao go up and down completely randomly.
Pair Corralation between China International and Impulse Qingdao
Assuming the 90 days trading horizon China International is expected to generate 71.95 times less return on investment than Impulse Qingdao. But when comparing it to its historical volatility, China International Capital is 1.21 times less risky than Impulse Qingdao. It trades about 0.0 of its potential returns per unit of risk. Impulse Qingdao Health is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,448 in Impulse Qingdao Health on August 31, 2024 and sell it today you would earn a total of 632.00 from holding Impulse Qingdao Health or generate 43.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.72% |
| Values | Daily Returns |
China International Capital vs. Impulse Qingdao Health
Performance |
| Timeline |
| China International |
| Impulse Qingdao Health |
China International and Impulse Qingdao Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China International and Impulse Qingdao
The main advantage of trading using opposite China International and Impulse Qingdao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China International position performs unexpectedly, Impulse Qingdao 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 Impulse Qingdao will offset losses from the drop in Impulse Qingdao's long position.| China International vs. Innovative Medical Management | China International vs. AVIC Fund Management | China International vs. Humanwell Healthcare Group | China International vs. Anhui Huaren Health |
| Impulse Qingdao vs. China State Construction | Impulse Qingdao vs. China Merchants Shekou | Impulse Qingdao vs. Huafa Industrial Co | Impulse Qingdao vs. China International Capital |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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