Correlation Between Qijing Machinery and Changchun BCHT
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By analyzing existing cross correlation between Qijing Machinery and Changchun BCHT Biotechnology, you can compare the effects of market volatilities on Qijing Machinery and Changchun BCHT 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 Changchun BCHT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and Changchun BCHT.
Diversification Opportunities for Qijing Machinery and Changchun BCHT
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Qijing and Changchun is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery and Changchun BCHT Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun BCHT Biote 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 Changchun BCHT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun BCHT Biote has no effect on the direction of Qijing Machinery i.e., Qijing Machinery and Changchun BCHT go up and down completely randomly.
Pair Corralation between Qijing Machinery and Changchun BCHT
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 2.09 times more return on investment than Changchun BCHT. However, Qijing Machinery is 2.09 times more volatile than Changchun BCHT Biotechnology. It trades about 0.3 of its potential returns per unit of risk. Changchun BCHT Biotechnology is currently generating about 0.31 per unit of risk. If you would invest 1,380 in Qijing Machinery on November 27, 2024 and sell it today you would earn a total of 219.00 from holding Qijing Machinery or generate 15.87% 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. Changchun BCHT Biotechnology
Performance |
| Timeline |
| Qijing Machinery |
| Changchun BCHT Biote |
Qijing Machinery and Changchun BCHT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and Changchun BCHT
The main advantage of trading using opposite Qijing Machinery and Changchun BCHT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery position performs unexpectedly, Changchun BCHT 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 Changchun BCHT will offset losses from the drop in Changchun BCHT's long position.| Qijing Machinery vs. Sinomach Automobile Co | Qijing Machinery vs. Dongfeng Automobile Co | Qijing Machinery vs. Guangzhou KingTeller Technology | Qijing Machinery vs. Haima Automobile Group |
| Changchun BCHT vs. Agricultural Bank of | Changchun BCHT vs. Industrial and Commercial | Changchun BCHT vs. Bank of China | Changchun BCHT vs. PetroChina Co Ltd |
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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