Correlation Between Unisplendour Corp and Kangping Technology
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By analyzing existing cross correlation between Unisplendour Corp and Kangping Technology Co, you can compare the effects of market volatilities on Unisplendour Corp and Kangping 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 Unisplendour Corp with a short position of Kangping Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unisplendour Corp and Kangping Technology.
Diversification Opportunities for Unisplendour Corp and Kangping Technology
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Unisplendour and Kangping is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Unisplendour Corp and Kangping Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangping Technology and Unisplendour Corp 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 Unisplendour Corp are associated (or correlated) with Kangping Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangping Technology has no effect on the direction of Unisplendour Corp i.e., Unisplendour Corp and Kangping Technology go up and down completely randomly.
Pair Corralation between Unisplendour Corp and Kangping Technology
Assuming the 90 days trading horizon Unisplendour Corp is expected to under-perform the Kangping Technology. In addition to that, Unisplendour Corp is 1.42 times more volatile than Kangping Technology Co. It trades about -0.19 of its total potential returns per unit of risk. Kangping Technology Co is currently generating about 0.0 per unit of volatility. If you would invest 2,198 in Kangping Technology Co on October 31, 2024 and sell it today you would lose (13.00) from holding Kangping Technology Co or give up 0.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unisplendour Corp vs. Kangping Technology Co
Performance |
| Timeline |
| Unisplendour Corp |
| Kangping Technology |
Unisplendour Corp and Kangping Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unisplendour Corp and Kangping Technology
The main advantage of trading using opposite Unisplendour Corp and Kangping Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unisplendour Corp position performs unexpectedly, Kangping 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 Kangping Technology will offset losses from the drop in Kangping Technology's long position.| Unisplendour Corp vs. Tongling Nonferrous Metals | Unisplendour Corp vs. Lander Sports Development | Unisplendour Corp vs. Sino Platinum Metals Co | Unisplendour Corp vs. China Sports Industry |
| Kangping Technology vs. Sharetronic Data Technology | Kangping Technology vs. China Publishing Media | Kangping Technology vs. Holitech Technology Co | Kangping Technology vs. Sinocelltech Group |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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