Correlation Between Jiangsu Yanghe and Keeson Technology
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By analyzing existing cross correlation between Jiangsu Yanghe Brewery and Keeson Technology Corp, you can compare the effects of market volatilities on Jiangsu Yanghe 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 Jiangsu Yanghe with a short position of Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Yanghe and Keeson Technology.
Diversification Opportunities for Jiangsu Yanghe and Keeson Technology
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Keeson is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Yanghe Brewery 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 Jiangsu Yanghe 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 Jiangsu Yanghe Brewery 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 Jiangsu Yanghe i.e., Jiangsu Yanghe and Keeson Technology go up and down completely randomly.
Pair Corralation between Jiangsu Yanghe and Keeson Technology
Assuming the 90 days trading horizon Jiangsu Yanghe Brewery is expected to under-perform the Keeson Technology. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Yanghe Brewery is 4.4 times less risky than Keeson Technology. The stock trades about -0.17 of its potential returns per unit of risk. The Keeson Technology Corp is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 1,135 in Keeson Technology Corp on October 24, 2024 and sell it today you would lose (47.00) from holding Keeson Technology Corp or give up 4.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Yanghe Brewery vs. Keeson Technology Corp
Performance |
| Timeline |
| Jiangsu Yanghe Brewery |
| Keeson Technology Corp |
Jiangsu Yanghe and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Yanghe and Keeson Technology
The main advantage of trading using opposite Jiangsu Yanghe and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Yanghe 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.| Jiangsu Yanghe vs. Zhangjiagang Freetrade Science | Jiangsu Yanghe vs. Shuhua Sports Co | Jiangsu Yanghe vs. CICC Fund Management | Jiangsu Yanghe vs. Hubeiyichang Transportation Group |
| 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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