Correlation Between Qijing Machinery and Beijing Roborock
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By analyzing existing cross correlation between Qijing Machinery and Beijing Roborock Technology, you can compare the effects of market volatilities on Qijing Machinery and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Beijing Roborock.
Diversification Opportunities for Qijing Machinery and Beijing Roborock
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Qijing and Beijing is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Qijing Machinery i.e., Qijing Machinery and Beijing Roborock go up and down completely randomly.
Pair Corralation between Qijing Machinery and Beijing Roborock
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 1.29 times less return on investment than Beijing Roborock. But when comparing it to its historical volatility, Qijing Machinery is 1.32 times less risky than Beijing Roborock. It trades about 0.02 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 19,238 in Beijing Roborock Technology on September 28, 2024 and sell it today you would earn a total of 1,762 from holding Beijing Roborock Technology or generate 9.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qijing Machinery vs. Beijing Roborock Technology
Performance |
| Timeline |
| Qijing Machinery |
| Beijing Roborock Tec |
Qijing Machinery and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and Beijing Roborock
The main advantage of trading using opposite Qijing Machinery and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Qijing Machinery vs. Industrial and Commercial | Qijing Machinery vs. China Construction Bank | Qijing Machinery vs. Agricultural Bank of | Qijing Machinery vs. Bank of China |
| Beijing Roborock vs. Qijing Machinery | Beijing Roborock vs. Ningbo Construction Co | Beijing Roborock vs. Allied Machinery Co | Beijing Roborock vs. Shanghai 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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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