Correlation Between Ningbo Tech and Keeson Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ningbo Tech Bank Co and Keeson Technology Corp, you can compare the effects of market volatilities on Ningbo Tech 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 Ningbo Tech with a short position of Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Tech and Keeson Technology.
Diversification Opportunities for Ningbo Tech and Keeson Technology
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ningbo and Keeson is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Tech Bank Co 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 Ningbo Tech 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 Ningbo Tech Bank Co 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 Ningbo Tech i.e., Ningbo Tech and Keeson Technology go up and down completely randomly.
Pair Corralation between Ningbo Tech and Keeson Technology
Assuming the 90 days trading horizon Ningbo Tech Bank Co is expected to under-perform the Keeson Technology. But the stock apears to be less risky and, when comparing its historical volatility, Ningbo Tech Bank Co is 1.02 times less risky than Keeson Technology. The stock trades about -0.02 of its potential returns per unit of risk. The Keeson Technology Corp is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 1,248 in Keeson Technology Corp on October 16, 2024 and sell it today you would lose (232.00) from holding Keeson Technology Corp or give up 18.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Tech Bank Co vs. Keeson Technology Corp
Performance |
| Timeline |
| Ningbo Tech Bank |
| Keeson Technology Corp |
Ningbo Tech and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Tech and Keeson Technology
The main advantage of trading using opposite Ningbo Tech and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Tech 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.| Ningbo Tech vs. TianJin 712 Communication | Ningbo Tech vs. Jilin Jlu Communication | Ningbo Tech vs. Western Metal Materials | Ningbo Tech vs. Runjian Communication Co |
| Keeson Technology vs. Qilu Bank Co | Keeson Technology vs. Guangxi Wuzhou Communications | Keeson Technology vs. Ningbo Tech Bank Co | Keeson Technology vs. Lecron Energy Saving |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Stocks Directory Find actively traded stocks across global markets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |