Correlation Between Ciwen Media and Kingclean Electric
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By analyzing existing cross correlation between Ciwen Media Co and Kingclean Electric Co, you can compare the effects of market volatilities on Ciwen Media and Kingclean Electric 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 Ciwen Media with a short position of Kingclean Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Kingclean Electric.
Diversification Opportunities for Ciwen Media and Kingclean Electric
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ciwen and Kingclean is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Kingclean Electric Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingclean Electric and Ciwen Media 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 Ciwen Media Co are associated (or correlated) with Kingclean Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingclean Electric has no effect on the direction of Ciwen Media i.e., Ciwen Media and Kingclean Electric go up and down completely randomly.
Pair Corralation between Ciwen Media and Kingclean Electric
Assuming the 90 days trading horizon Ciwen Media Co is expected to generate 2.19 times more return on investment than Kingclean Electric. However, Ciwen Media is 2.19 times more volatile than Kingclean Electric Co. It trades about 0.17 of its potential returns per unit of risk. Kingclean Electric Co is currently generating about -0.11 per unit of risk. If you would invest 711.00 in Ciwen Media Co on September 13, 2024 and sell it today you would earn a total of 85.00 from holding Ciwen Media Co or generate 11.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ciwen Media Co vs. Kingclean Electric Co
Performance |
| Timeline |
| Ciwen Media |
| Kingclean Electric |
Ciwen Media and Kingclean Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Kingclean Electric
The main advantage of trading using opposite Ciwen Media and Kingclean Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Kingclean Electric 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 Kingclean Electric will offset losses from the drop in Kingclean Electric's long position.| Ciwen Media vs. Shaanxi Energy Investment | Ciwen Media vs. Kunwu Jiuding Investment | Ciwen Media vs. Henan Shuanghui Investment | Ciwen Media vs. Nuode Investment Co |
| Kingclean Electric vs. Chengdu Kanghua Biological | Kingclean Electric vs. Beijing Wantai Biological | Kingclean Electric vs. Suzhou Novoprotein Scientific | Kingclean Electric vs. Aluminum Corp of |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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