Correlation Between Qingdao Foods and Shandong Sinoglory
Specify exactly 2 symbols:
By analyzing existing cross correlation between Qingdao Foods Co and Shandong Sinoglory Health, you can compare the effects of market volatilities on Qingdao Foods and Shandong Sinoglory 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 Qingdao Foods with a short position of Shandong Sinoglory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Foods and Shandong Sinoglory.
Diversification Opportunities for Qingdao Foods and Shandong Sinoglory
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Qingdao and Shandong is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Foods Co and Shandong Sinoglory Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Sinoglory Health and Qingdao Foods 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 Qingdao Foods Co are associated (or correlated) with Shandong Sinoglory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Sinoglory Health has no effect on the direction of Qingdao Foods i.e., Qingdao Foods and Shandong Sinoglory go up and down completely randomly.
Pair Corralation between Qingdao Foods and Shandong Sinoglory
Assuming the 90 days trading horizon Qingdao Foods Co is expected to generate 1.61 times more return on investment than Shandong Sinoglory. However, Qingdao Foods is 1.61 times more volatile than Shandong Sinoglory Health. It trades about 0.06 of its potential returns per unit of risk. Shandong Sinoglory Health is currently generating about -0.06 per unit of risk. If you would invest 1,358 in Qingdao Foods Co on September 26, 2024 and sell it today you would earn a total of 45.00 from holding Qingdao Foods Co or generate 3.31% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Qingdao Foods Co vs. Shandong Sinoglory Health
Performance |
Timeline |
Qingdao Foods |
Shandong Sinoglory Health |
Qingdao Foods and Shandong Sinoglory Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Qingdao Foods and Shandong Sinoglory
The main advantage of trading using opposite Qingdao Foods and Shandong Sinoglory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Foods position performs unexpectedly, Shandong Sinoglory 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 Shandong Sinoglory will offset losses from the drop in Shandong Sinoglory's long position.Qingdao Foods vs. Ming Yang Smart | Qingdao Foods vs. 159681 | Qingdao Foods vs. 159005 | Qingdao Foods vs. Loctek Ergonomic Technology |
Shandong Sinoglory vs. JCHX Mining Management | Shandong Sinoglory vs. Zhejiang Publishing Media | Shandong Sinoglory vs. Invengo Information Technology | Shandong Sinoglory vs. Northern United Publishing |
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.
Other Complementary Tools
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
Stocks Directory Find actively traded stocks across global markets | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |