Correlation Between Haima Automobile and Quectel Wireless
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By analyzing existing cross correlation between Haima Automobile Group and Quectel Wireless Solutions, you can compare the effects of market volatilities on Haima Automobile and Quectel Wireless 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 Haima Automobile with a short position of Quectel Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Quectel Wireless.
Diversification Opportunities for Haima Automobile and Quectel Wireless
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Haima and Quectel is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Quectel Wireless Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quectel Wireless Sol and Haima Automobile 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 Haima Automobile Group are associated (or correlated) with Quectel Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quectel Wireless Sol has no effect on the direction of Haima Automobile i.e., Haima Automobile and Quectel Wireless go up and down completely randomly.
Pair Corralation between Haima Automobile and Quectel Wireless
Assuming the 90 days trading horizon Haima Automobile is expected to generate 4.1 times less return on investment than Quectel Wireless. In addition to that, Haima Automobile is 1.16 times more volatile than Quectel Wireless Solutions. It trades about 0.01 of its total potential returns per unit of risk. Quectel Wireless Solutions is currently generating about 0.04 per unit of volatility. If you would invest 5,281 in Quectel Wireless Solutions on September 25, 2024 and sell it today you would earn a total of 1,209 from holding Quectel Wireless Solutions or generate 22.89% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Haima Automobile Group vs. Quectel Wireless Solutions
Performance |
Timeline |
Haima Automobile |
Quectel Wireless Sol |
Haima Automobile and Quectel Wireless Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Haima Automobile and Quectel Wireless
The main advantage of trading using opposite Haima Automobile and Quectel Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Quectel Wireless 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 Quectel Wireless will offset losses from the drop in Quectel Wireless' long position.Haima Automobile vs. New China Life | Haima Automobile vs. Ming Yang Smart | Haima Automobile vs. 159681 | Haima Automobile vs. 159005 |
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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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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