Correlation Between Qijing Machinery and Jinxiandai Information
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By analyzing existing cross correlation between Qijing Machinery and Jinxiandai Information Industry, you can compare the effects of market volatilities on Qijing Machinery and Jinxiandai Information 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 Jinxiandai Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Jinxiandai Information.
Diversification Opportunities for Qijing Machinery and Jinxiandai Information
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Qijing and Jinxiandai is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Jinxiandai Information Industr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinxiandai Information 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 Jinxiandai Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinxiandai Information has no effect on the direction of Qijing Machinery i.e., Qijing Machinery and Jinxiandai Information go up and down completely randomly.
Pair Corralation between Qijing Machinery and Jinxiandai Information
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 3.21 times less return on investment than Jinxiandai Information. But when comparing it to its historical volatility, Qijing Machinery is 1.39 times less risky than Jinxiandai Information. It trades about 0.07 of its potential returns per unit of risk. Jinxiandai Information Industry is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 791.00 in Jinxiandai Information Industry on November 3, 2024 and sell it today you would earn a total of 101.00 from holding Jinxiandai Information Industry or generate 12.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qijing Machinery vs. Jinxiandai Information Industr
Performance |
| Timeline |
| Qijing Machinery |
| Jinxiandai Information |
Qijing Machinery and Jinxiandai Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and Jinxiandai Information
The main advantage of trading using opposite Qijing Machinery and Jinxiandai Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery position performs unexpectedly, Jinxiandai Information 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 Jinxiandai Information will offset losses from the drop in Jinxiandai Information's long position.| Qijing Machinery vs. Shanghai CEO Environmental | Qijing Machinery vs. Pengxin International Mining | Qijing Machinery vs. Zhejiang Yongjin Metal | Qijing Machinery vs. Chengtun Mining Group |
| Jinxiandai Information vs. Linewell Software Co | Jinxiandai Information vs. Masterwork Machinery | Jinxiandai Information vs. Zhejiang Yinlun Machinery | Jinxiandai Information vs. Kunshan Dongwei Technology |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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