Correlation Between Shenzhen Coship and Kangyue Technology
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By analyzing existing cross correlation between Shenzhen Coship Electronics and Kangyue Technology Co, you can compare the effects of market volatilities on Shenzhen Coship and Kangyue 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 Shenzhen Coship with a short position of Kangyue Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Coship and Kangyue Technology.
Diversification Opportunities for Shenzhen Coship and Kangyue Technology
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shenzhen and Kangyue is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Coship Electronics and Kangyue Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangyue Technology and Shenzhen Coship 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 Shenzhen Coship Electronics are associated (or correlated) with Kangyue Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangyue Technology has no effect on the direction of Shenzhen Coship i.e., Shenzhen Coship and Kangyue Technology go up and down completely randomly.
Pair Corralation between Shenzhen Coship and Kangyue Technology
Assuming the 90 days trading horizon Shenzhen Coship Electronics is expected to generate 1.15 times more return on investment than Kangyue Technology. However, Shenzhen Coship is 1.15 times more volatile than Kangyue Technology Co. It trades about 0.13 of its potential returns per unit of risk. Kangyue Technology Co is currently generating about -0.57 per unit of risk. If you would invest 615.00 in Shenzhen Coship Electronics on October 14, 2024 and sell it today you would earn a total of 62.00 from holding Shenzhen Coship Electronics or generate 10.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Coship Electronics vs. Kangyue Technology Co
Performance |
| Timeline |
| Shenzhen Coship Elec |
| Kangyue Technology |
Shenzhen Coship and Kangyue Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Coship and Kangyue Technology
The main advantage of trading using opposite Shenzhen Coship and Kangyue Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Coship position performs unexpectedly, Kangyue 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 Kangyue Technology will offset losses from the drop in Kangyue Technology's long position.| Shenzhen Coship vs. Lontium Semiconductor Corp | Shenzhen Coship vs. Southchip Semiconductor Technology | Shenzhen Coship vs. Nanxing Furniture Machinery | Shenzhen Coship vs. Union Semiconductor Co |
| Kangyue Technology vs. Omnijoi Media Corp | Kangyue Technology vs. Anhui Xinhua Media | Kangyue Technology vs. Jilin Jlu Communication | Kangyue Technology vs. State Grid InformationCommunication |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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