Correlation Between Hainan Haiqi and Quectel Wireless
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hainan Haiqi Transportation and Quectel Wireless Solutions, you can compare the effects of market volatilities on Hainan Haiqi and Quectel Wireless 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 Hainan Haiqi with a short position of Quectel Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Quectel Wireless.
Diversification Opportunities for Hainan Haiqi and Quectel Wireless
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hainan and Quectel is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Quectel Wireless Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quectel Wireless Sol and Hainan Haiqi 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 Hainan Haiqi Transportation are associated (or correlated) with Quectel Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quectel Wireless Sol has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Quectel Wireless go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Quectel Wireless
Assuming the 90 days trading horizon Hainan Haiqi is expected to generate 3.93 times less return on investment than Quectel Wireless. But when comparing it to its historical volatility, Hainan Haiqi Transportation is 1.17 times less risky than Quectel Wireless. It trades about 0.04 of its potential returns per unit of risk. Quectel Wireless Solutions is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 3,366 in Quectel Wireless Solutions on October 29, 2024 and sell it today you would earn a total of 5,042 from holding Quectel Wireless Solutions or generate 149.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Quectel Wireless Solutions
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Quectel Wireless Sol |
Hainan Haiqi and Quectel Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Quectel Wireless
The main advantage of trading using opposite Hainan Haiqi and Quectel Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Quectel Wireless 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 Quectel Wireless will offset losses from the drop in Quectel Wireless' long position.| Hainan Haiqi vs. Zhuhai Comleader Information | Hainan Haiqi vs. Guangzhou Ruoyuchen Information | Hainan Haiqi vs. Sublime China Information | Hainan Haiqi vs. East Money Information |
| Quectel Wireless vs. Shenzhen AV Display Co | Quectel Wireless vs. Marssenger Kitchenware Co | Quectel Wireless vs. Tieling Newcity Investment | Quectel Wireless vs. Caihong Display Devices |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |