Correlation Between Pengxin International and Impulse Qingdao
Specify exactly 2 symbols:
By analyzing existing cross correlation between Pengxin International Mining and Impulse Qingdao Health, you can compare the effects of market volatilities on Pengxin International and Impulse Qingdao 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 Pengxin International with a short position of Impulse Qingdao. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pengxin International and Impulse Qingdao.
Diversification Opportunities for Pengxin International and Impulse Qingdao
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Pengxin and Impulse is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Pengxin International Mining and Impulse Qingdao Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impulse Qingdao Health and Pengxin International 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 Pengxin International Mining are associated (or correlated) with Impulse Qingdao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impulse Qingdao Health has no effect on the direction of Pengxin International i.e., Pengxin International and Impulse Qingdao go up and down completely randomly.
Pair Corralation between Pengxin International and Impulse Qingdao
Assuming the 90 days trading horizon Pengxin International Mining is expected to generate 0.79 times more return on investment than Impulse Qingdao. However, Pengxin International Mining is 1.27 times less risky than Impulse Qingdao. It trades about 0.23 of its potential returns per unit of risk. Impulse Qingdao Health is currently generating about 0.0 per unit of risk. If you would invest 330.00 in Pengxin International Mining on September 26, 2024 and sell it today you would earn a total of 73.00 from holding Pengxin International Mining or generate 22.12% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Pengxin International Mining vs. Impulse Qingdao Health
Performance |
Timeline |
Pengxin International |
Impulse Qingdao Health |
Pengxin International and Impulse Qingdao Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Pengxin International and Impulse Qingdao
The main advantage of trading using opposite Pengxin International and Impulse Qingdao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pengxin International position performs unexpectedly, Impulse Qingdao 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 Impulse Qingdao will offset losses from the drop in Impulse Qingdao's long position.Pengxin International vs. Wanhua Chemical Group | Pengxin International vs. Shandong Gold Mining | Pengxin International vs. Rongsheng Petrochemical Co | Pengxin International vs. Inner Mongolia BaoTou |
Impulse Qingdao vs. Guangzhou Dongfang Hotel | Impulse Qingdao vs. Kangxin New Materials | Impulse Qingdao vs. Ningxia Building Materials | Impulse Qingdao vs. Tianjin Pengling Rubber |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
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 | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |