Correlation Between Quectel Wireless and Guangdong Jingyi
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By analyzing existing cross correlation between Quectel Wireless Solutions and Guangdong Jingyi Metal, you can compare the effects of market volatilities on Quectel Wireless and Guangdong Jingyi 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 Guangdong Jingyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quectel Wireless and Guangdong Jingyi.
Diversification Opportunities for Quectel Wireless and Guangdong Jingyi
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Quectel and Guangdong is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Quectel Wireless Solutions and Guangdong Jingyi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jingyi Metal 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 Guangdong Jingyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jingyi Metal has no effect on the direction of Quectel Wireless i.e., Quectel Wireless and Guangdong Jingyi go up and down completely randomly.
Pair Corralation between Quectel Wireless and Guangdong Jingyi
Assuming the 90 days trading horizon Quectel Wireless Solutions is expected to generate 1.45 times more return on investment than Guangdong Jingyi. However, Quectel Wireless is 1.45 times more volatile than Guangdong Jingyi Metal. It trades about 0.02 of its potential returns per unit of risk. Guangdong Jingyi Metal is currently generating about 0.01 per unit of risk. If you would invest 8,397 in Quectel Wireless Solutions on October 30, 2024 and sell it today you would earn a total of 569.00 from holding Quectel Wireless Solutions or generate 6.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Quectel Wireless Solutions vs. Guangdong Jingyi Metal
Performance |
| Timeline |
| Quectel Wireless Sol |
| Guangdong Jingyi Metal |
Quectel Wireless and Guangdong Jingyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quectel Wireless and Guangdong Jingyi
The main advantage of trading using opposite Quectel Wireless and Guangdong Jingyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quectel Wireless position performs unexpectedly, Guangdong Jingyi 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 Guangdong Jingyi will offset losses from the drop in Guangdong Jingyi's long position.| Quectel Wireless vs. Bus Online Co | Quectel Wireless vs. Holitech Technology Co | Quectel Wireless vs. Gome Telecom Equipment | Quectel Wireless vs. Cultural Investment Holdings |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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