Correlation Between Guangdong Jingyi and Keeson Technology
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By analyzing existing cross correlation between Guangdong Jingyi Metal and Keeson Technology Corp, you can compare the effects of market volatilities on Guangdong Jingyi 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 Guangdong Jingyi with a short position of Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and Keeson Technology.
Diversification Opportunities for Guangdong Jingyi and Keeson Technology
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Guangdong and Keeson is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal 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 Guangdong Jingyi 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 Guangdong Jingyi Metal 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 Guangdong Jingyi i.e., Guangdong Jingyi and Keeson Technology go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and Keeson Technology
Assuming the 90 days trading horizon Guangdong Jingyi Metal is expected to generate 1.16 times more return on investment than Keeson Technology. However, Guangdong Jingyi is 1.16 times more volatile than Keeson Technology Corp. It trades about 0.02 of its potential returns per unit of risk. Keeson Technology Corp is currently generating about -0.01 per unit of risk. If you would invest 694.00 in Guangdong Jingyi Metal on September 3, 2024 and sell it today you would earn a total of 42.00 from holding Guangdong Jingyi Metal or generate 6.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. Keeson Technology Corp
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| Keeson Technology Corp |
Guangdong Jingyi and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and Keeson Technology
The main advantage of trading using opposite Guangdong Jingyi and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi 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.| Guangdong Jingyi vs. Zijin Mining Group | Guangdong Jingyi vs. Baoshan Iron Steel | Guangdong Jingyi vs. Rongsheng Petrochemical Co | Guangdong Jingyi vs. Hoshine Silicon Ind |
| Keeson Technology vs. Jiangxi Naipu Mining | Keeson Technology vs. Western Mining Co | Keeson Technology vs. Guangdong Jingyi Metal | Keeson Technology vs. Chengtun Mining Group |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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