Correlation Between Shengda Mining and Keeson Technology
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By analyzing existing cross correlation between Shengda Mining Co and Keeson Technology Corp, you can compare the effects of market volatilities on Shengda Mining and Keeson Technology 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 Shengda Mining with a short position of Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shengda Mining and Keeson Technology.
Diversification Opportunities for Shengda Mining and Keeson Technology
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shengda and Keeson is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Shengda Mining Co and Keeson Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keeson Technology Corp and Shengda Mining 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 Shengda Mining Co are associated (or correlated) with Keeson Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keeson Technology Corp has no effect on the direction of Shengda Mining i.e., Shengda Mining and Keeson Technology go up and down completely randomly.
Pair Corralation between Shengda Mining and Keeson Technology
Assuming the 90 days trading horizon Shengda Mining Co is expected to under-perform the Keeson Technology. In addition to that, Shengda Mining is 1.04 times more volatile than Keeson Technology Corp. It trades about -0.28 of its total potential returns per unit of risk. Keeson Technology Corp is currently generating about 0.19 per unit of volatility. If you would invest 935.00 in Keeson Technology Corp on September 1, 2024 and sell it today you would earn a total of 89.00 from holding Keeson Technology Corp or generate 9.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shengda Mining Co vs. Keeson Technology Corp
Performance |
| Timeline |
| Shengda Mining |
| Keeson Technology Corp |
Shengda Mining and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shengda Mining and Keeson Technology
The main advantage of trading using opposite Shengda Mining and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shengda Mining position performs unexpectedly, Keeson Technology 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 Keeson Technology will offset losses from the drop in Keeson Technology's long position.| Shengda Mining vs. Keeson Technology Corp | Shengda Mining vs. Maxvision Technology Corp | Shengda Mining vs. Tianshui Huatian Technology | Shengda Mining vs. Zhengzhou Coal Mining |
| Keeson Technology vs. Youyou Foods Co | Keeson Technology vs. HaiXin Foods Co | Keeson Technology vs. Nexchip Semiconductor Corp | Keeson Technology vs. Anhui Gujing Distillery |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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