Correlation Between Kuang Chi and Xingguang Agricultural
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kuang Chi Technologies and Xingguang Agricultural Mach, you can compare the effects of market volatilities on Kuang Chi and Xingguang Agricultural 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 Xingguang Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kuang Chi and Xingguang Agricultural.
Diversification Opportunities for Kuang Chi and Xingguang Agricultural
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kuang and Xingguang is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Kuang Chi Technologies and Xingguang Agricultural Mach in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xingguang Agricultural 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 Xingguang Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xingguang Agricultural has no effect on the direction of Kuang Chi i.e., Kuang Chi and Xingguang Agricultural go up and down completely randomly.
Pair Corralation between Kuang Chi and Xingguang Agricultural
Assuming the 90 days trading horizon Kuang Chi Technologies is expected to generate 0.89 times more return on investment than Xingguang Agricultural. However, Kuang Chi Technologies is 1.13 times less risky than Xingguang Agricultural. It trades about 0.07 of its potential returns per unit of risk. Xingguang Agricultural Mach is currently generating about 0.0 per unit of risk. If you would invest 1,811 in Kuang Chi Technologies on October 14, 2024 and sell it today you would earn a total of 2,219 from holding Kuang Chi Technologies or generate 122.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kuang Chi Technologies vs. Xingguang Agricultural Mach
Performance |
| Timeline |
| Kuang Chi Technologies |
| Xingguang Agricultural |
Kuang Chi and Xingguang Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kuang Chi and Xingguang Agricultural
The main advantage of trading using opposite Kuang Chi and Xingguang Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kuang Chi position performs unexpectedly, Xingguang Agricultural 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 Xingguang Agricultural will offset losses from the drop in Xingguang Agricultural's long position.| Kuang Chi vs. Konfoong Materials International | Kuang Chi vs. Suzhou Douson Drilling | Kuang Chi vs. Shanghai Phichem Material | Kuang Chi vs. GRIPM Advanced Materials |
| Xingguang Agricultural vs. Tianjin Silvery Dragon | Xingguang Agricultural vs. Kuang Chi Technologies | Xingguang Agricultural vs. Uroica Mining Safety | Xingguang Agricultural vs. Unisplendour Corp |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |