Correlation Between Qi An and Guangzhou Seagull
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By analyzing existing cross correlation between Qi An Xin and Guangzhou Seagull Kitchen, you can compare the effects of market volatilities on Qi An and Guangzhou Seagull 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 Qi An with a short position of Guangzhou Seagull. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qi An and Guangzhou Seagull.
Diversification Opportunities for Qi An and Guangzhou Seagull
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 688561 and Guangzhou is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Qi An Xin and Guangzhou Seagull Kitchen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Seagull Kitchen and Qi An 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 Qi An Xin are associated (or correlated) with Guangzhou Seagull. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Seagull Kitchen has no effect on the direction of Qi An i.e., Qi An and Guangzhou Seagull go up and down completely randomly.
Pair Corralation between Qi An and Guangzhou Seagull
Assuming the 90 days trading horizon Qi An Xin is expected to under-perform the Guangzhou Seagull. But the stock apears to be less risky and, when comparing its historical volatility, Qi An Xin is 1.23 times less risky than Guangzhou Seagull. The stock trades about -0.34 of its potential returns per unit of risk. The Guangzhou Seagull Kitchen is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 318.00 in Guangzhou Seagull Kitchen on October 11, 2024 and sell it today you would lose (26.00) from holding Guangzhou Seagull Kitchen or give up 8.18% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 97.67% |
Values | Daily Returns |
Qi An Xin vs. Guangzhou Seagull Kitchen
Performance |
Timeline |
Qi An Xin |
Guangzhou Seagull Kitchen |
Qi An and Guangzhou Seagull Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Qi An and Guangzhou Seagull
The main advantage of trading using opposite Qi An and Guangzhou Seagull positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qi An position performs unexpectedly, Guangzhou Seagull 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 Guangzhou Seagull will offset losses from the drop in Guangzhou Seagull's long position.Qi An vs. Guangzhou Seagull Kitchen | Qi An vs. Masterwork Machinery | Qi An vs. Shantui Construction Machinery | Qi An vs. JCHX Mining Management |
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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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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