Correlation Between Qijing Machinery and Gansu Huangtai
Specify exactly 2 symbols:
By analyzing existing cross correlation between Qijing Machinery and Gansu Huangtai Wine marketing, you can compare the effects of market volatilities on Qijing Machinery and Gansu Huangtai 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 Qijing Machinery with a short position of Gansu Huangtai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Gansu Huangtai.
Diversification Opportunities for Qijing Machinery and Gansu Huangtai
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Qijing and Gansu is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Gansu Huangtai Wine marketing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gansu Huangtai Wine and Qijing Machinery 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 Qijing Machinery are associated (or correlated) with Gansu Huangtai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gansu Huangtai Wine has no effect on the direction of Qijing Machinery i.e., Qijing Machinery and Gansu Huangtai go up and down completely randomly.
Pair Corralation between Qijing Machinery and Gansu Huangtai
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 0.74 times more return on investment than Gansu Huangtai. However, Qijing Machinery is 1.35 times less risky than Gansu Huangtai. It trades about 0.16 of its potential returns per unit of risk. Gansu Huangtai Wine marketing is currently generating about 0.08 per unit of risk. If you would invest 1,257 in Qijing Machinery on October 27, 2024 and sell it today you would earn a total of 134.00 from holding Qijing Machinery or generate 10.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qijing Machinery vs. Gansu Huangtai Wine marketing
Performance |
| Timeline |
| Qijing Machinery |
| Gansu Huangtai Wine |
Qijing Machinery and Gansu Huangtai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and Gansu Huangtai
The main advantage of trading using opposite Qijing Machinery and Gansu Huangtai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery position performs unexpectedly, Gansu Huangtai 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 Gansu Huangtai will offset losses from the drop in Gansu Huangtai's long position.| Qijing Machinery vs. Chengdu Kanghua Biological | Qijing Machinery vs. Suzhou Novoprotein Scientific | Qijing Machinery vs. Aluminum Corp of | Qijing Machinery vs. COL Digital Publishing |
| Gansu Huangtai vs. Integrated Electronic Systems | Gansu Huangtai vs. LianChuang Electronic Technology | Gansu Huangtai vs. Jiangxi Lianchuang Opto electronic | Gansu Huangtai vs. Fuzhou Rockchip Electronics |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |