Correlation Between Qijing Machinery and Cinda Securities
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By analyzing existing cross correlation between Qijing Machinery and Cinda Securities Co, you can compare the effects of market volatilities on Qijing Machinery and Cinda Securities 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 Cinda Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Cinda Securities.
Diversification Opportunities for Qijing Machinery and Cinda Securities
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Qijing and Cinda is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Cinda Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cinda Securities 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 Cinda Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cinda Securities has no effect on the direction of Qijing Machinery i.e., Qijing Machinery and Cinda Securities go up and down completely randomly.
Pair Corralation between Qijing Machinery and Cinda Securities
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 1.35 times more return on investment than Cinda Securities. However, Qijing Machinery is 1.35 times more volatile than Cinda Securities Co. It trades about 0.05 of its potential returns per unit of risk. Cinda Securities Co is currently generating about -0.07 per unit of risk. If you would invest 1,323 in Qijing Machinery on October 25, 2024 and sell it today you would earn a total of 91.00 from holding Qijing Machinery or generate 6.88% 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. Cinda Securities Co
Performance |
Timeline |
Qijing Machinery |
Cinda Securities |
Qijing Machinery and Cinda Securities Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Qijing Machinery and Cinda Securities
The main advantage of trading using opposite Qijing Machinery and Cinda Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery position performs unexpectedly, Cinda Securities 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 Cinda Securities will offset losses from the drop in Cinda Securities' 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 |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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