Correlation Between Qijing Machinery and Beijing Bewinner
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By analyzing existing cross correlation between Qijing Machinery and Beijing Bewinner Communications, you can compare the effects of market volatilities on Qijing Machinery and Beijing Bewinner 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 Beijing Bewinner. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Beijing Bewinner.
Diversification Opportunities for Qijing Machinery and Beijing Bewinner
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Qijing and Beijing is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Beijing Bewinner Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Bewinner Com 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 Beijing Bewinner. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Bewinner Com has no effect on the direction of Qijing Machinery i.e., Qijing Machinery and Beijing Bewinner go up and down completely randomly.
Pair Corralation between Qijing Machinery and Beijing Bewinner
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 0.84 times more return on investment than Beijing Bewinner. However, Qijing Machinery is 1.19 times less risky than Beijing Bewinner. It trades about 0.03 of its potential returns per unit of risk. Beijing Bewinner Communications is currently generating about 0.03 per unit of risk. If you would invest 1,254 in Qijing Machinery on December 11, 2024 and sell it today you would earn a total of 337.00 from holding Qijing Machinery or generate 26.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qijing Machinery vs. Beijing Bewinner Communication
Performance |
| Timeline |
| Qijing Machinery |
| Beijing Bewinner Com |
Qijing Machinery and Beijing Bewinner Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and Beijing Bewinner
The main advantage of trading using opposite Qijing Machinery and Beijing Bewinner positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery position performs unexpectedly, Beijing Bewinner 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 Beijing Bewinner will offset losses from the drop in Beijing Bewinner's long position.| Qijing Machinery vs. Eastern Communications Co | ||
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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