Correlation Between HanS Laser and Kuang Chi
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By analyzing existing cross correlation between HanS Laser Tech and Kuang Chi Technologies, you can compare the effects of market volatilities on HanS Laser and Kuang Chi 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 HanS Laser with a short position of Kuang Chi. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Kuang Chi.
Diversification Opportunities for HanS Laser and Kuang Chi
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between HanS and Kuang is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Kuang Chi Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kuang Chi Technologies and HanS Laser 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 HanS Laser Tech are associated (or correlated) with Kuang Chi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kuang Chi Technologies has no effect on the direction of HanS Laser i.e., HanS Laser and Kuang Chi go up and down completely randomly.
Pair Corralation between HanS Laser and Kuang Chi
Assuming the 90 days trading horizon HanS Laser is expected to generate 3.44 times less return on investment than Kuang Chi. But when comparing it to its historical volatility, HanS Laser Tech is 1.4 times less risky than Kuang Chi. It trades about 0.06 of its potential returns per unit of risk. Kuang Chi Technologies is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 1,374 in Kuang Chi Technologies on September 14, 2024 and sell it today you would earn a total of 2,899 from holding Kuang Chi Technologies or generate 210.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HanS Laser Tech vs. Kuang Chi Technologies
Performance |
| Timeline |
| HanS Laser Tech |
| Kuang Chi Technologies |
HanS Laser and Kuang Chi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Kuang Chi
The main advantage of trading using opposite HanS Laser and Kuang Chi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, Kuang Chi 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 Kuang Chi will offset losses from the drop in Kuang Chi's long position.| HanS Laser vs. Industrial and Commercial | HanS Laser vs. Kweichow Moutai Co | HanS Laser vs. Agricultural Bank of | HanS Laser vs. China Mobile Limited |
| Kuang Chi vs. BeiGene | Kuang Chi vs. Kweichow Moutai Co | Kuang Chi vs. Beijing Roborock Technology | Kuang Chi vs. G bits Network 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 Stocks Directory module to find actively traded stocks across global markets.
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