Correlation Between Kingnet Network and Sichuan Fulin
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By analyzing existing cross correlation between Kingnet Network Co and Sichuan Fulin Transportation, you can compare the effects of market volatilities on Kingnet Network and Sichuan Fulin 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 Kingnet Network with a short position of Sichuan Fulin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingnet Network and Sichuan Fulin.
Diversification Opportunities for Kingnet Network and Sichuan Fulin
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kingnet and Sichuan is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Kingnet Network Co and Sichuan Fulin Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Fulin Transp and Kingnet Network 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 Kingnet Network Co are associated (or correlated) with Sichuan Fulin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Fulin Transp has no effect on the direction of Kingnet Network i.e., Kingnet Network and Sichuan Fulin go up and down completely randomly.
Pair Corralation between Kingnet Network and Sichuan Fulin
Assuming the 90 days trading horizon Kingnet Network Co is expected to under-perform the Sichuan Fulin. In addition to that, Kingnet Network is 1.0 times more volatile than Sichuan Fulin Transportation. It trades about -0.09 of its total potential returns per unit of risk. Sichuan Fulin Transportation is currently generating about 0.21 per unit of volatility. If you would invest 627.00 in Sichuan Fulin Transportation on August 28, 2024 and sell it today you would earn a total of 69.00 from holding Sichuan Fulin Transportation or generate 11.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingnet Network Co vs. Sichuan Fulin Transportation
Performance |
| Timeline |
| Kingnet Network |
| Sichuan Fulin Transp |
Kingnet Network and Sichuan Fulin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingnet Network and Sichuan Fulin
The main advantage of trading using opposite Kingnet Network and Sichuan Fulin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingnet Network position performs unexpectedly, Sichuan Fulin 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 Sichuan Fulin will offset losses from the drop in Sichuan Fulin's long position.| Kingnet Network vs. Ming Yang Smart | Kingnet Network vs. 159681 | Kingnet Network vs. 159005 | Kingnet Network vs. Loctek Ergonomic Technology |
| Sichuan Fulin vs. Cambricon Technologies Corp | Sichuan Fulin vs. Loongson Technology Corp | Sichuan Fulin vs. Chongqing Road Bridge | Sichuan Fulin vs. Shenzhen Fortune Trend |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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