Correlation Between Beijing Kaiwen and StarPower Semiconductor
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By analyzing existing cross correlation between Beijing Kaiwen Education and StarPower Semiconductor, you can compare the effects of market volatilities on Beijing Kaiwen and StarPower Semiconductor 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 Beijing Kaiwen with a short position of StarPower Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Kaiwen and StarPower Semiconductor.
Diversification Opportunities for Beijing Kaiwen and StarPower Semiconductor
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Beijing and StarPower is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Kaiwen Education and StarPower Semiconductor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on StarPower Semiconductor and Beijing Kaiwen 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 Beijing Kaiwen Education are associated (or correlated) with StarPower Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of StarPower Semiconductor has no effect on the direction of Beijing Kaiwen i.e., Beijing Kaiwen and StarPower Semiconductor go up and down completely randomly.
Pair Corralation between Beijing Kaiwen and StarPower Semiconductor
Assuming the 90 days trading horizon Beijing Kaiwen Education is expected to generate 0.98 times more return on investment than StarPower Semiconductor. However, Beijing Kaiwen Education is 1.02 times less risky than StarPower Semiconductor. It trades about 0.02 of its potential returns per unit of risk. StarPower Semiconductor is currently generating about -0.06 per unit of risk. If you would invest 461.00 in Beijing Kaiwen Education on September 2, 2024 and sell it today you would earn a total of 66.00 from holding Beijing Kaiwen Education or generate 14.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Kaiwen Education vs. StarPower Semiconductor
Performance |
| Timeline |
| Beijing Kaiwen Education |
| StarPower Semiconductor |
Beijing Kaiwen and StarPower Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Kaiwen and StarPower Semiconductor
The main advantage of trading using opposite Beijing Kaiwen and StarPower Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Kaiwen position performs unexpectedly, StarPower Semiconductor 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 StarPower Semiconductor will offset losses from the drop in StarPower Semiconductor's long position.| Beijing Kaiwen vs. Kweichow Moutai Co | Beijing Kaiwen vs. NAURA Technology Group | Beijing Kaiwen vs. Zhejiang Orient Gene | Beijing Kaiwen vs. APT Medical |
| StarPower Semiconductor vs. Industrial and Commercial | StarPower Semiconductor vs. Kweichow Moutai Co | StarPower Semiconductor vs. Agricultural Bank of | StarPower Semiconductor vs. China Mobile Limited |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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