Correlation Between 159681 and Kingnet Network
Specify exactly 2 symbols:
By analyzing existing cross correlation between 159681 and Kingnet Network Co, you can compare the effects of market volatilities on 159681 and Kingnet Network 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 159681 with a short position of Kingnet Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of 159681 and Kingnet Network.
Diversification Opportunities for 159681 and Kingnet Network
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 159681 and Kingnet is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding 159681 and Kingnet Network Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingnet Network and 159681 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 159681 are associated (or correlated) with Kingnet Network. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingnet Network has no effect on the direction of 159681 i.e., 159681 and Kingnet Network go up and down completely randomly.
Pair Corralation between 159681 and Kingnet Network
Assuming the 90 days trading horizon 159681 is expected to generate 1.13 times more return on investment than Kingnet Network. However, 159681 is 1.13 times more volatile than Kingnet Network Co. It trades about -0.04 of its potential returns per unit of risk. Kingnet Network Co is currently generating about -0.09 per unit of risk. If you would invest 98.00 in 159681 on August 28, 2024 and sell it today you would lose (3.00) from holding 159681 or give up 3.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
159681 vs. Kingnet Network Co
Performance |
| Timeline |
| 159681 |
| Kingnet Network |
159681 and Kingnet Network Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 159681 and Kingnet Network
The main advantage of trading using opposite 159681 and Kingnet Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 159681 position performs unexpectedly, Kingnet Network 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 Kingnet Network will offset losses from the drop in Kingnet Network's long position.| 159681 vs. Shenzhen MTC Co | 159681 vs. Ming Yang Smart | 159681 vs. Changzhou Almaden Co | 159681 vs. 159005 |
| Kingnet Network vs. Ming Yang Smart | Kingnet Network vs. 159681 | Kingnet Network vs. 159005 | Kingnet Network vs. Loctek Ergonomic Technology |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |