Correlation Between Zotye Automobile and Keda Clean
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By analyzing existing cross correlation between Zotye Automobile Co and Keda Clean Energy, you can compare the effects of market volatilities on Zotye Automobile and Keda Clean 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 Zotye Automobile with a short position of Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zotye Automobile and Keda Clean.
Diversification Opportunities for Zotye Automobile and Keda Clean
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Zotye and Keda is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Zotye Automobile Co and Keda Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keda Clean Energy and Zotye Automobile 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 Zotye Automobile Co are associated (or correlated) with Keda Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keda Clean Energy has no effect on the direction of Zotye Automobile i.e., Zotye Automobile and Keda Clean go up and down completely randomly.
Pair Corralation between Zotye Automobile and Keda Clean
Assuming the 90 days trading horizon Zotye Automobile Co is expected to generate 1.66 times more return on investment than Keda Clean. However, Zotye Automobile is 1.66 times more volatile than Keda Clean Energy. It trades about 0.21 of its potential returns per unit of risk. Keda Clean Energy is currently generating about 0.12 per unit of risk. If you would invest 149.00 in Zotye Automobile Co on September 3, 2024 and sell it today you would earn a total of 106.00 from holding Zotye Automobile Co or generate 71.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zotye Automobile Co vs. Keda Clean Energy
Performance |
| Timeline |
| Zotye Automobile |
| Keda Clean Energy |
Zotye Automobile and Keda Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zotye Automobile and Keda Clean
The main advantage of trading using opposite Zotye Automobile and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zotye Automobile position performs unexpectedly, Keda Clean 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 Keda Clean will offset losses from the drop in Keda Clean's long position.| Zotye Automobile vs. Xinjiang Baodi Mining | Zotye Automobile vs. Quectel Wireless Solutions | Zotye Automobile vs. Shanghai Metersbonwe FashionAccessories | Zotye Automobile vs. Pengxin International Mining |
| Keda Clean vs. Zotye Automobile Co | Keda Clean vs. Guangzhou Haige Communications | Keda Clean vs. Eastern Communications Co | Keda Clean vs. Shanghai Broadband Technology |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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