Correlation Between Shaanxi Meineng and Keeson Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shaanxi Meineng Clean and Keeson Technology Corp, you can compare the effects of market volatilities on Shaanxi Meineng 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 Shaanxi Meineng with a short position of Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaanxi Meineng and Keeson Technology.
Diversification Opportunities for Shaanxi Meineng and Keeson Technology
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shaanxi and Keeson is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Meineng Clean 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 Shaanxi Meineng 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 Shaanxi Meineng Clean 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 Shaanxi Meineng i.e., Shaanxi Meineng and Keeson Technology go up and down completely randomly.
Pair Corralation between Shaanxi Meineng and Keeson Technology
Assuming the 90 days trading horizon Shaanxi Meineng Clean is expected to generate 0.45 times more return on investment than Keeson Technology. However, Shaanxi Meineng Clean is 2.23 times less risky than Keeson Technology. It trades about 0.02 of its potential returns per unit of risk. Keeson Technology Corp is currently generating about -0.02 per unit of risk. If you would invest 1,245 in Shaanxi Meineng Clean on October 24, 2024 and sell it today you would earn a total of 6.00 from holding Shaanxi Meineng Clean or generate 0.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shaanxi Meineng Clean vs. Keeson Technology Corp
Performance |
| Timeline |
| Shaanxi Meineng Clean |
| Keeson Technology Corp |
Shaanxi Meineng and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shaanxi Meineng and Keeson Technology
The main advantage of trading using opposite Shaanxi Meineng and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaanxi Meineng 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.| Shaanxi Meineng vs. Lootom Telcovideo Network | Shaanxi Meineng vs. Digiwin Software Co | Shaanxi Meineng vs. Guangzhou KingTeller Technology | Shaanxi Meineng vs. XiaMen HongXin Electron tech |
| Keeson Technology vs. Jiangsu Yanghe Brewery | Keeson Technology vs. Chongqing Brewery Co | Keeson Technology vs. Kingclean Electric Co | Keeson Technology vs. Shaanxi Meineng Clean |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |