Correlation Between INKON Life and Keda Clean
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By analyzing existing cross correlation between INKON Life Technology and Keda Clean Energy, you can compare the effects of market volatilities on INKON Life and Keda Clean 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 INKON Life with a short position of Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of INKON Life and Keda Clean.
Diversification Opportunities for INKON Life and Keda Clean
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between INKON and Keda is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding INKON Life Technology and Keda Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keda Clean Energy and INKON Life 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 INKON Life Technology are associated (or correlated) with Keda Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keda Clean Energy has no effect on the direction of INKON Life i.e., INKON Life and Keda Clean go up and down completely randomly.
Pair Corralation between INKON Life and Keda Clean
Assuming the 90 days trading horizon INKON Life Technology is expected to under-perform the Keda Clean. In addition to that, INKON Life is 1.38 times more volatile than Keda Clean Energy. It trades about -0.26 of its total potential returns per unit of risk. Keda Clean Energy is currently generating about -0.16 per unit of volatility. If you would invest 848.00 in Keda Clean Energy on October 12, 2024 and sell it today you would lose (48.00) from holding Keda Clean Energy or give up 5.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
INKON Life Technology vs. Keda Clean Energy
Performance |
| Timeline |
| INKON Life Technology |
| Keda Clean Energy |
INKON Life and Keda Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INKON Life and Keda Clean
The main advantage of trading using opposite INKON Life and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INKON Life position performs unexpectedly, Keda Clean 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 Keda Clean will offset losses from the drop in Keda Clean's long position.| INKON Life vs. Guangzhou Jinyi Media | INKON Life vs. Lontium Semiconductor Corp | INKON Life vs. Shandong Longquan Pipeline | INKON Life vs. Southern PublishingMedia Co |
| Keda Clean vs. INKON Life Technology | Keda Clean vs. HUAQIN TECHNOLOGY LTD | Keda Clean vs. Gansu Huangtai Wine marketing | Keda Clean vs. Easyhome New Retail |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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