Correlation Between Quectel Wireless and Panda Financial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Quectel Wireless Solutions and Panda Financial Holding, you can compare the effects of market volatilities on Quectel Wireless and Panda Financial 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 Panda Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quectel Wireless and Panda Financial.
Diversification Opportunities for Quectel Wireless and Panda Financial
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Quectel and Panda is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Quectel Wireless Solutions and Panda Financial Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Panda Financial Holding 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 Panda Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Panda Financial Holding has no effect on the direction of Quectel Wireless i.e., Quectel Wireless and Panda Financial go up and down completely randomly.
Pair Corralation between Quectel Wireless and Panda Financial
Assuming the 90 days trading horizon Quectel Wireless Solutions is expected to generate 1.02 times more return on investment than Panda Financial. However, Quectel Wireless is 1.02 times more volatile than Panda Financial Holding. It trades about 0.24 of its potential returns per unit of risk. Panda Financial Holding is currently generating about -0.36 per unit of risk. If you would invest 5,720 in Quectel Wireless Solutions on October 15, 2024 and sell it today you would earn a total of 1,018 from holding Quectel Wireless Solutions or generate 17.8% 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. Panda Financial Holding
Performance |
| Timeline |
| Quectel Wireless Sol |
| Panda Financial Holding |
Quectel Wireless and Panda Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quectel Wireless and Panda Financial
The main advantage of trading using opposite Quectel Wireless and Panda Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quectel Wireless position performs unexpectedly, Panda Financial 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 Panda Financial will offset losses from the drop in Panda Financial's long position.| Quectel Wireless vs. Duzhe Publishing Media | Quectel Wireless vs. Huayi Brothers Media | Quectel Wireless vs. Integrated Electronic Systems | Quectel Wireless vs. Guangzhou Jinyi 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Stocks Directory Find actively traded stocks across global markets | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |