Correlation Between Quectel Wireless and Hainan Haiqi
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By analyzing existing cross correlation between Quectel Wireless Solutions and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Quectel Wireless and Hainan Haiqi 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 Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quectel Wireless and Hainan Haiqi.
Diversification Opportunities for Quectel Wireless and Hainan Haiqi
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Quectel and Hainan is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Quectel Wireless Solutions and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo 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 Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Quectel Wireless i.e., Quectel Wireless and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Quectel Wireless and Hainan Haiqi
Assuming the 90 days trading horizon Quectel Wireless Solutions is expected to generate 1.63 times more return on investment than Hainan Haiqi. However, Quectel Wireless is 1.63 times more volatile than Hainan Haiqi Transportation. It trades about 0.31 of its potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about -0.05 per unit of risk. If you would invest 6,844 in Quectel Wireless Solutions on November 1, 2024 and sell it today you would earn a total of 2,122 from holding Quectel Wireless Solutions or generate 31.01% 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. Hainan Haiqi Transportation
Performance |
| Timeline |
| Quectel Wireless Sol |
| Hainan Haiqi Transpo |
Quectel Wireless and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quectel Wireless and Hainan Haiqi
The main advantage of trading using opposite Quectel Wireless and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quectel Wireless position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Quectel Wireless vs. Hunan Investment Group | Quectel Wireless vs. Beijing Bewinner Communications | Quectel Wireless vs. Cultural Investment Holdings | Quectel Wireless vs. Xiamen Insight Investment |
| Hainan Haiqi vs. Runjian Communication Co | Hainan Haiqi vs. Sinomach Automobile Co | Hainan Haiqi vs. Quectel Wireless Solutions | Hainan Haiqi vs. Beijing Bewinner Communications |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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