Correlation Between Qijing Machinery and Dongrui Food
Specify exactly 2 symbols:
By analyzing existing cross correlation between Qijing Machinery and Dongrui Food Group, you can compare the effects of market volatilities on Qijing Machinery and Dongrui Food 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 Dongrui Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Dongrui Food.
Diversification Opportunities for Qijing Machinery and Dongrui Food
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Qijing and Dongrui is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Dongrui Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dongrui Food Group 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 Dongrui Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dongrui Food Group has no effect on the direction of Qijing Machinery i.e., Qijing Machinery and Dongrui Food go up and down completely randomly.
Pair Corralation between Qijing Machinery and Dongrui Food
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 1.84 times more return on investment than Dongrui Food. However, Qijing Machinery is 1.84 times more volatile than Dongrui Food Group. It trades about 0.13 of its potential returns per unit of risk. Dongrui Food Group is currently generating about -0.12 per unit of risk. If you would invest 1,303 in Qijing Machinery on October 25, 2024 and sell it today you would earn a total of 111.00 from holding Qijing Machinery or generate 8.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qijing Machinery vs. Dongrui Food Group
Performance |
| Timeline |
| Qijing Machinery |
| Dongrui Food Group |
Qijing Machinery and Dongrui Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and Dongrui Food
The main advantage of trading using opposite Qijing Machinery and Dongrui Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery position performs unexpectedly, Dongrui Food 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 Dongrui Food will offset losses from the drop in Dongrui Food's long position.| Qijing Machinery vs. Xinjiang Communications Construction | Qijing Machinery vs. Jilin Jlu Communication | Qijing Machinery vs. State Grid InformationCommunication | Qijing Machinery vs. Dr Peng Telecom |
| Dongrui Food vs. Agricultural Bank of | Dongrui Food vs. Postal Savings Bank | Dongrui Food vs. Bank of Communications | Dongrui Food vs. China Merchants Bank |
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
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Stocks Directory Find actively traded stocks across global markets | |
| Commodity Directory Find actively traded commodities issued by global exchanges |