Correlation Between Jiangsu Seagull and Qingdao Foods
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By analyzing existing cross correlation between Jiangsu Seagull Cooling and Qingdao Foods Co, you can compare the effects of market volatilities on Jiangsu Seagull and Qingdao Foods 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 Jiangsu Seagull with a short position of Qingdao Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Seagull and Qingdao Foods.
Diversification Opportunities for Jiangsu Seagull and Qingdao Foods
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Qingdao is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Seagull Cooling and Qingdao Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Foods and Jiangsu Seagull 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 Jiangsu Seagull Cooling are associated (or correlated) with Qingdao Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Foods has no effect on the direction of Jiangsu Seagull i.e., Jiangsu Seagull and Qingdao Foods go up and down completely randomly.
Pair Corralation between Jiangsu Seagull and Qingdao Foods
Assuming the 90 days trading horizon Jiangsu Seagull Cooling is expected to generate 1.48 times more return on investment than Qingdao Foods. However, Jiangsu Seagull is 1.48 times more volatile than Qingdao Foods Co. It trades about 0.06 of its potential returns per unit of risk. Qingdao Foods Co is currently generating about 0.06 per unit of risk. If you would invest 1,020 in Jiangsu Seagull Cooling on October 25, 2024 and sell it today you would earn a total of 125.00 from holding Jiangsu Seagull Cooling or generate 12.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Jiangsu Seagull Cooling vs. Qingdao Foods Co
Performance |
| Timeline |
| Jiangsu Seagull Cooling |
| Qingdao Foods |
Jiangsu Seagull and Qingdao Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Seagull and Qingdao Foods
The main advantage of trading using opposite Jiangsu Seagull and Qingdao Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Seagull position performs unexpectedly, Qingdao Foods 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 Qingdao Foods will offset losses from the drop in Qingdao Foods' long position.| Jiangsu Seagull vs. Qingdao Foods Co | Jiangsu Seagull vs. Eyebright Medical Technology | Jiangsu Seagull vs. Namchow Food Group | Jiangsu Seagull vs. Anji Foodstuff Co |
| Qingdao Foods vs. Jiangsu Broadcasting Cable | Qingdao Foods vs. Silkroad Visual Technology | Qingdao Foods vs. Zhengping RoadBridge Constr | Qingdao Foods vs. Chongqing Road Bridge |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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