Correlation Between Qijing Machinery and Anhui Transport
Specify exactly 2 symbols:
By analyzing existing cross correlation between Qijing Machinery and Anhui Transport Consulting, you can compare the effects of market volatilities on Qijing Machinery and Anhui Transport 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 Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Anhui Transport.
Diversification Opportunities for Qijing Machinery and Anhui Transport
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Qijing and Anhui is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Anhui Transport Consulting in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Transport Cons 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 Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Transport Cons has no effect on the direction of Qijing Machinery i.e., Qijing Machinery and Anhui Transport go up and down completely randomly.
Pair Corralation between Qijing Machinery and Anhui Transport
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 2.15 times less return on investment than Anhui Transport. In addition to that, Qijing Machinery is 1.47 times more volatile than Anhui Transport Consulting. It trades about 0.02 of its total potential returns per unit of risk. Anhui Transport Consulting is currently generating about 0.05 per unit of volatility. If you would invest 922.00 in Anhui Transport Consulting on August 25, 2024 and sell it today you would earn a total of 19.00 from holding Anhui Transport Consulting or generate 2.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qijing Machinery vs. Anhui Transport Consulting
Performance |
| Timeline |
| Qijing Machinery |
| Anhui Transport Cons |
Qijing Machinery and Anhui Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and Anhui Transport
The main advantage of trading using opposite Qijing Machinery and Anhui Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery position performs unexpectedly, Anhui Transport 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 Transport will offset losses from the drop in Anhui Transport's long position.| Qijing Machinery vs. Ming Yang Smart | Qijing Machinery vs. 159005 | Qijing Machinery vs. Loctek Ergonomic Technology | Qijing Machinery vs. Xiamen East Asia |
| Anhui Transport vs. Chengdu Kanghua Biological | Anhui Transport vs. Beijing Wantai Biological | Anhui Transport vs. Suzhou Novoprotein Scientific | Anhui Transport vs. Aluminum Corp of |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |