Correlation Between PKU HealthCare and Keeson Technology
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By analyzing existing cross correlation between PKU HealthCare Corp and Keeson Technology Corp, you can compare the effects of market volatilities on PKU HealthCare 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 PKU HealthCare with a short position of Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of PKU HealthCare and Keeson Technology.
Diversification Opportunities for PKU HealthCare and Keeson Technology
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between PKU and Keeson is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding PKU HealthCare Corp 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 PKU HealthCare 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 PKU HealthCare Corp 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 PKU HealthCare i.e., PKU HealthCare and Keeson Technology go up and down completely randomly.
Pair Corralation between PKU HealthCare and Keeson Technology
Assuming the 90 days trading horizon PKU HealthCare Corp is expected to under-perform the Keeson Technology. But the stock apears to be less risky and, when comparing its historical volatility, PKU HealthCare Corp is 1.09 times less risky than Keeson Technology. The stock trades about -0.26 of its potential returns per unit of risk. The Keeson Technology Corp is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 1,123 in Keeson Technology Corp on October 25, 2024 and sell it today you would lose (63.00) from holding Keeson Technology Corp or give up 5.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
PKU HealthCare Corp vs. Keeson Technology Corp
Performance |
| Timeline |
| PKU HealthCare Corp |
| Keeson Technology Corp |
PKU HealthCare and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PKU HealthCare and Keeson Technology
The main advantage of trading using opposite PKU HealthCare and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PKU HealthCare 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.| PKU HealthCare vs. Agricultural Bank of | PKU HealthCare vs. Industrial and Commercial | PKU HealthCare vs. Bank of China | PKU HealthCare vs. China Construction Bank |
| Keeson Technology vs. Bangyan Technology Co | Keeson Technology vs. Qilu Bank Co | Keeson Technology vs. Agricultural Bank of | Keeson Technology vs. Shenwu Energy Saving |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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