Correlation Between Qudian and EVe Mobility
Can any of the company-specific risk be diversified away by investing in both Qudian and EVe Mobility at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Qudian and EVe Mobility into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Qudian Inc and EVe Mobility Acquisition, you can compare the effects of market volatilities on Qudian and EVe Mobility 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 Qudian with a short position of EVe Mobility. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qudian and EVe Mobility.
Diversification Opportunities for Qudian and EVe Mobility
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Qudian and EVe is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Qudian Inc and EVe Mobility Acquisition in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EVe Mobility Acquisition and Qudian 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 Qudian Inc are associated (or correlated) with EVe Mobility. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EVe Mobility Acquisition has no effect on the direction of Qudian i.e., Qudian and EVe Mobility go up and down completely randomly.
Pair Corralation between Qudian and EVe Mobility
If you would invest 108.00 in Qudian Inc on November 19, 2024 and sell it today you would earn a total of 220.00 from holding Qudian Inc or generate 203.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Qudian Inc vs. EVe Mobility Acquisition
Performance |
| Timeline |
| Qudian Inc |
| EVe Mobility Acquisition |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Qudian and EVe Mobility Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qudian and EVe Mobility
The main advantage of trading using opposite Qudian and EVe Mobility positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qudian position performs unexpectedly, EVe Mobility 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 EVe Mobility will offset losses from the drop in EVe Mobility's long position.| Qudian vs. X Financial Class | Qudian vs. FinVolution Group | Qudian vs. Senmiao Technology | Qudian vs. Lexinfintech Holdings |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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