Correlation Between ANTA SPORTS and Qingdao Haier
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By analyzing existing cross correlation between ANTA SPORTS PRODUCT and Qingdao Haier Co, you can compare the effects of market volatilities on ANTA SPORTS and Qingdao Haier 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 ANTA SPORTS with a short position of Qingdao Haier. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and Qingdao Haier.
Diversification Opportunities for ANTA SPORTS and Qingdao Haier
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between ANTA and Qingdao is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and Qingdao Haier Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Haier and ANTA SPORTS 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 ANTA SPORTS PRODUCT are associated (or correlated) with Qingdao Haier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Haier has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and Qingdao Haier go up and down completely randomly.
Pair Corralation between ANTA SPORTS and Qingdao Haier
Assuming the 90 days trading horizon ANTA SPORTS PRODUCT is expected to under-perform the Qingdao Haier. In addition to that, ANTA SPORTS is 1.6 times more volatile than Qingdao Haier Co. It trades about -0.06 of its total potential returns per unit of risk. Qingdao Haier Co is currently generating about 0.12 per unit of volatility. If you would invest 170.00 in Qingdao Haier Co on September 12, 2024 and sell it today you would earn a total of 8.00 from holding Qingdao Haier Co or generate 4.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. Qingdao Haier Co
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| Qingdao Haier |
ANTA SPORTS and Qingdao Haier Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and Qingdao Haier
The main advantage of trading using opposite ANTA SPORTS and Qingdao Haier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, Qingdao Haier 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 Qingdao Haier will offset losses from the drop in Qingdao Haier's long position.| ANTA SPORTS vs. Entravision Communications | ANTA SPORTS vs. Postal Savings Bank | ANTA SPORTS vs. HEMISPHERE EGY | ANTA SPORTS vs. Computershare Limited |
| Qingdao Haier vs. Qingdao Haier Co | Qingdao Haier vs. Mohawk Industries | Qingdao Haier vs. SEB SA | Qingdao Haier vs. Derwent London PLC |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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