Correlation Between Qumei Furniture and Kingclean Electric
Specify exactly 2 symbols:
By analyzing existing cross correlation between Qumei Furniture Group and Kingclean Electric Co, you can compare the effects of market volatilities on Qumei Furniture and Kingclean Electric 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 Qumei Furniture with a short position of Kingclean Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qumei Furniture and Kingclean Electric.
Diversification Opportunities for Qumei Furniture and Kingclean Electric
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Qumei and Kingclean is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Qumei Furniture Group and Kingclean Electric Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingclean Electric and Qumei Furniture 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 Qumei Furniture Group are associated (or correlated) with Kingclean Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingclean Electric has no effect on the direction of Qumei Furniture i.e., Qumei Furniture and Kingclean Electric go up and down completely randomly.
Pair Corralation between Qumei Furniture and Kingclean Electric
Assuming the 90 days trading horizon Qumei Furniture Group is expected to generate 1.46 times more return on investment than Kingclean Electric. However, Qumei Furniture is 1.46 times more volatile than Kingclean Electric Co. It trades about 0.2 of its potential returns per unit of risk. Kingclean Electric Co is currently generating about 0.28 per unit of risk. If you would invest 270.00 in Qumei Furniture Group on November 27, 2024 and sell it today you would earn a total of 26.00 from holding Qumei Furniture Group or generate 9.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qumei Furniture Group vs. Kingclean Electric Co
Performance |
| Timeline |
| Qumei Furniture Group |
| Kingclean Electric |
Qumei Furniture and Kingclean Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qumei Furniture and Kingclean Electric
The main advantage of trading using opposite Qumei Furniture and Kingclean Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qumei Furniture position performs unexpectedly, Kingclean Electric 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 Kingclean Electric will offset losses from the drop in Kingclean Electric's long position.| Qumei Furniture vs. Shuhua Sports Co | Qumei Furniture vs. Ningxia Xiaoming Agriculture | Qumei Furniture vs. Shenzhen Urban Transport | Qumei Furniture vs. Zhejiang Yinlun Machinery |
| Kingclean Electric vs. Markor International Home | Kingclean Electric vs. Guangxi Wuzhou Communications | Kingclean Electric vs. Vohringer Home Technology | Kingclean Electric vs. CICT Mobile Communication |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Transaction History View history of all your transactions and understand their impact on performance |