Correlation Between Quectel Wireless and CNPC Capital
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By analyzing existing cross correlation between Quectel Wireless Solutions and CNPC Capital Co, you can compare the effects of market volatilities on Quectel Wireless and CNPC Capital 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 Quectel Wireless with a short position of CNPC Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quectel Wireless and CNPC Capital.
Diversification Opportunities for Quectel Wireless and CNPC Capital
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Quectel and CNPC is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Quectel Wireless Solutions and CNPC Capital Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNPC Capital and Quectel Wireless 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 Quectel Wireless Solutions are associated (or correlated) with CNPC Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNPC Capital has no effect on the direction of Quectel Wireless i.e., Quectel Wireless and CNPC Capital go up and down completely randomly.
Pair Corralation between Quectel Wireless and CNPC Capital
Assuming the 90 days trading horizon Quectel Wireless Solutions is expected to generate 1.41 times more return on investment than CNPC Capital. However, Quectel Wireless is 1.41 times more volatile than CNPC Capital Co. It trades about 0.02 of its potential returns per unit of risk. CNPC Capital Co is currently generating about 0.03 per unit of risk. If you would invest 8,546 in Quectel Wireless Solutions on November 20, 2024 and sell it today you would earn a total of 69.00 from holding Quectel Wireless Solutions or generate 0.81% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Quectel Wireless Solutions vs. CNPC Capital Co
Performance |
Timeline |
Quectel Wireless Sol |
CNPC Capital |
Quectel Wireless and CNPC Capital Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Quectel Wireless and CNPC Capital
The main advantage of trading using opposite Quectel Wireless and CNPC Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quectel Wireless position performs unexpectedly, CNPC Capital 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 CNPC Capital will offset losses from the drop in CNPC Capital's long position.Quectel Wireless vs. Jiangsu Xinri E Vehicle | ||
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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