Correlation Between Qtone Education and Xiamen Bank
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By analyzing existing cross correlation between Qtone Education Group and Xiamen Bank Co, you can compare the effects of market volatilities on Qtone Education and Xiamen Bank 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 Qtone Education with a short position of Xiamen Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qtone Education and Xiamen Bank.
Diversification Opportunities for Qtone Education and Xiamen Bank
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Qtone and Xiamen is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Qtone Education Group and Xiamen Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Bank and Qtone Education 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 Qtone Education Group are associated (or correlated) with Xiamen Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Bank has no effect on the direction of Qtone Education i.e., Qtone Education and Xiamen Bank go up and down completely randomly.
Pair Corralation between Qtone Education and Xiamen Bank
Assuming the 90 days trading horizon Qtone Education Group is expected to under-perform the Xiamen Bank. In addition to that, Qtone Education is 2.16 times more volatile than Xiamen Bank Co. It trades about -0.08 of its total potential returns per unit of risk. Xiamen Bank Co is currently generating about 0.04 per unit of volatility. If you would invest 545.00 in Xiamen Bank Co on October 4, 2024 and sell it today you would earn a total of 19.00 from holding Xiamen Bank Co or generate 3.49% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Qtone Education Group vs. Xiamen Bank Co
Performance |
Timeline |
Qtone Education Group |
Xiamen Bank |
Qtone Education and Xiamen Bank Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Qtone Education and Xiamen Bank
The main advantage of trading using opposite Qtone Education and Xiamen Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qtone Education position performs unexpectedly, Xiamen Bank 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 Xiamen Bank will offset losses from the drop in Xiamen Bank's long position.Qtone Education vs. China Life Insurance | ||
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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