Correlation Between Kingsignal Technology and Hubei Yingtong
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By analyzing existing cross correlation between Kingsignal Technology Co and Hubei Yingtong Telecommunication, you can compare the effects of market volatilities on Kingsignal Technology and Hubei Yingtong 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 Kingsignal Technology with a short position of Hubei Yingtong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsignal Technology and Hubei Yingtong.
Diversification Opportunities for Kingsignal Technology and Hubei Yingtong
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kingsignal and Hubei is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Kingsignal Technology Co and Hubei Yingtong Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubei Yingtong Telec and Kingsignal Technology 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 Kingsignal Technology Co are associated (or correlated) with Hubei Yingtong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubei Yingtong Telec has no effect on the direction of Kingsignal Technology i.e., Kingsignal Technology and Hubei Yingtong go up and down completely randomly.
Pair Corralation between Kingsignal Technology and Hubei Yingtong
Assuming the 90 days trading horizon Kingsignal Technology is expected to generate 4.49 times less return on investment than Hubei Yingtong. But when comparing it to its historical volatility, Kingsignal Technology Co is 1.14 times less risky than Hubei Yingtong. It trades about 0.04 of its potential returns per unit of risk. Hubei Yingtong Telecommunication is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 1,194 in Hubei Yingtong Telecommunication on October 30, 2024 and sell it today you would earn a total of 467.00 from holding Hubei Yingtong Telecommunication or generate 39.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingsignal Technology Co vs. Hubei Yingtong Telecommunicati
Performance |
| Timeline |
| Kingsignal Technology |
| Hubei Yingtong Telec |
Kingsignal Technology and Hubei Yingtong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingsignal Technology and Hubei Yingtong
The main advantage of trading using opposite Kingsignal Technology and Hubei Yingtong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsignal Technology position performs unexpectedly, Hubei Yingtong 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 Hubei Yingtong will offset losses from the drop in Hubei Yingtong's long position.| Kingsignal Technology vs. Ligao Foods CoLtd | Kingsignal Technology vs. Xinjiang Tianrun Dairy | Kingsignal Technology vs. Nanya New Material | Kingsignal Technology vs. V V Food |
| Hubei Yingtong vs. Bus Online Co | Hubei Yingtong vs. Holitech Technology Co | Hubei Yingtong vs. Gome Telecom Equipment | Hubei Yingtong vs. Cultural Investment Holdings |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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