Correlation Between Qijing Machinery and Shanghai Pudong
Specify exactly 2 symbols:
By analyzing existing cross correlation between Qijing Machinery and Shanghai Pudong Development, you can compare the effects of market volatilities on Qijing Machinery and Shanghai Pudong 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 Shanghai Pudong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Shanghai Pudong.
Diversification Opportunities for Qijing Machinery and Shanghai Pudong
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Qijing and Shanghai is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Shanghai Pudong Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Pudong Deve 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 Shanghai Pudong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Pudong Deve has no effect on the direction of Qijing Machinery i.e., Qijing Machinery and Shanghai Pudong go up and down completely randomly.
Pair Corralation between Qijing Machinery and Shanghai Pudong
Assuming the 90 days trading horizon Qijing Machinery is expected to under-perform the Shanghai Pudong. In addition to that, Qijing Machinery is 2.3 times more volatile than Shanghai Pudong Development. It trades about -0.1 of its total potential returns per unit of risk. Shanghai Pudong Development is currently generating about 0.13 per unit of volatility. If you would invest 980.00 in Shanghai Pudong Development on October 11, 2024 and sell it today you would earn a total of 39.00 from holding Shanghai Pudong Development or generate 3.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qijing Machinery vs. Shanghai Pudong Development
Performance |
| Timeline |
| Qijing Machinery |
| Shanghai Pudong Deve |
Qijing Machinery and Shanghai Pudong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and Shanghai Pudong
The main advantage of trading using opposite Qijing Machinery and Shanghai Pudong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery position performs unexpectedly, Shanghai Pudong 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 Shanghai Pudong will offset losses from the drop in Shanghai Pudong's long position.| Qijing Machinery vs. Biwin Storage Technology | Qijing Machinery vs. PetroChina Co Ltd | Qijing Machinery vs. Industrial and Commercial | Qijing Machinery vs. China Construction Bank |
| Shanghai Pudong vs. Zhengzhou Coal Mining | Shanghai Pudong vs. Masterwork Machinery | Shanghai Pudong vs. Qijing Machinery | Shanghai Pudong vs. Hongrun Construction Group |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |