Correlation Between Qijing Machinery and Anhui Deli
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By analyzing existing cross correlation between Qijing Machinery and Anhui Deli Household, you can compare the effects of market volatilities on Qijing Machinery and Anhui Deli 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 Anhui Deli. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Anhui Deli.
Diversification Opportunities for Qijing Machinery and Anhui Deli
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Qijing and Anhui is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Anhui Deli Household in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Deli Household 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 Anhui Deli. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Deli Household has no effect on the direction of Qijing Machinery i.e., Qijing Machinery and Anhui Deli go up and down completely randomly.
Pair Corralation between Qijing Machinery and Anhui Deli
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 1.67 times less return on investment than Anhui Deli. In addition to that, Qijing Machinery is 1.03 times more volatile than Anhui Deli Household. It trades about 0.3 of its total potential returns per unit of risk. Anhui Deli Household is currently generating about 0.52 per unit of volatility. If you would invest 408.00 in Anhui Deli Household on November 27, 2024 and sell it today you would earn a total of 116.00 from holding Anhui Deli Household or generate 28.43% 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. Anhui Deli Household
Performance |
| Timeline |
| Qijing Machinery |
| Anhui Deli Household |
Qijing Machinery and Anhui Deli Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and Anhui Deli
The main advantage of trading using opposite Qijing Machinery and Anhui Deli positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery position performs unexpectedly, Anhui Deli 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 Anhui Deli will offset losses from the drop in Anhui Deli's long position.| Qijing Machinery vs. Sinomach Automobile Co | Qijing Machinery vs. Dongfeng Automobile Co | Qijing Machinery vs. Guangzhou KingTeller Technology | Qijing Machinery vs. Haima Automobile Group |
| Anhui Deli vs. Kuang Chi Technologies | Anhui Deli vs. CICT Mobile Communication | Anhui Deli vs. iSoftStone Information Technology | Anhui Deli vs. Allwin Telecommunication Co |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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