Correlation Between Quectel Wireless and Guangzhou Jinyi
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By analyzing existing cross correlation between Quectel Wireless Solutions and Guangzhou Jinyi Media, you can compare the effects of market volatilities on Quectel Wireless and Guangzhou Jinyi 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 Guangzhou Jinyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quectel Wireless and Guangzhou Jinyi.
Diversification Opportunities for Quectel Wireless and Guangzhou Jinyi
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Quectel and Guangzhou is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Quectel Wireless Solutions and Guangzhou Jinyi Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Jinyi Media 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 Guangzhou Jinyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Jinyi Media has no effect on the direction of Quectel Wireless i.e., Quectel Wireless and Guangzhou Jinyi go up and down completely randomly.
Pair Corralation between Quectel Wireless and Guangzhou Jinyi
Assuming the 90 days trading horizon Quectel Wireless Solutions is expected to generate 1.39 times more return on investment than Guangzhou Jinyi. However, Quectel Wireless is 1.39 times more volatile than Guangzhou Jinyi Media. It trades about 0.38 of its potential returns per unit of risk. Guangzhou Jinyi Media is currently generating about 0.19 per unit of risk. If you would invest 6,650 in Quectel Wireless Solutions on November 6, 2024 and sell it today you would earn a total of 2,316 from holding Quectel Wireless Solutions or generate 34.83% 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. Guangzhou Jinyi Media
Performance |
| Timeline |
| Quectel Wireless Sol |
| Guangzhou Jinyi Media |
Quectel Wireless and Guangzhou Jinyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quectel Wireless and Guangzhou Jinyi
The main advantage of trading using opposite Quectel Wireless and Guangzhou Jinyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quectel Wireless position performs unexpectedly, Guangzhou Jinyi 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 Guangzhou Jinyi will offset losses from the drop in Guangzhou Jinyi's long position.| Quectel Wireless vs. Kangping Technology Co | Quectel Wireless vs. Jiujiang Shanshui Technology | Quectel Wireless vs. Chengdu Xingrong Investment | Quectel Wireless vs. Vanfund Urban Investment |
| Guangzhou Jinyi vs. Ningbo Construction Co | Guangzhou Jinyi vs. Shandong Publishing Media | Guangzhou Jinyi vs. Threes Company Media | Guangzhou Jinyi vs. Chengdu B ray Media |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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