Correlation Between Kuang Chi and Hunan Airbluer
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By analyzing existing cross correlation between Kuang Chi Technologies and Hunan Airbluer Environmental, you can compare the effects of market volatilities on Kuang Chi and Hunan Airbluer 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 Kuang Chi with a short position of Hunan Airbluer. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kuang Chi and Hunan Airbluer.
Diversification Opportunities for Kuang Chi and Hunan Airbluer
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kuang and Hunan is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Kuang Chi Technologies and Hunan Airbluer Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Airbluer Envir and Kuang Chi 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 Kuang Chi Technologies are associated (or correlated) with Hunan Airbluer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Airbluer Envir has no effect on the direction of Kuang Chi i.e., Kuang Chi and Hunan Airbluer go up and down completely randomly.
Pair Corralation between Kuang Chi and Hunan Airbluer
Assuming the 90 days trading horizon Kuang Chi is expected to generate 1.43 times less return on investment than Hunan Airbluer. In addition to that, Kuang Chi is 1.11 times more volatile than Hunan Airbluer Environmental. It trades about 0.08 of its total potential returns per unit of risk. Hunan Airbluer Environmental is currently generating about 0.13 per unit of volatility. If you would invest 1,419 in Hunan Airbluer Environmental on August 29, 2024 and sell it today you would earn a total of 3,578 from holding Hunan Airbluer Environmental or generate 252.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kuang Chi Technologies vs. Hunan Airbluer Environmental
Performance |
| Timeline |
| Kuang Chi Technologies |
| Hunan Airbluer Envir |
Kuang Chi and Hunan Airbluer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kuang Chi and Hunan Airbluer
The main advantage of trading using opposite Kuang Chi and Hunan Airbluer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kuang Chi position performs unexpectedly, Hunan Airbluer 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 Hunan Airbluer will offset losses from the drop in Hunan Airbluer's long position.| Kuang Chi vs. Mango Excellent Media | Kuang Chi vs. Chengdu B ray Media | Kuang Chi vs. Omnijoi Media Corp | Kuang Chi vs. Peoples Insurance of |
| Hunan Airbluer vs. China Petroleum Chemical | Hunan Airbluer vs. PetroChina Co Ltd | Hunan Airbluer vs. China State Construction | Hunan Airbluer vs. China Railway 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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