Correlation Between Kingsignal Technology and By Health
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By analyzing existing cross correlation between Kingsignal Technology Co and By health, you can compare the effects of market volatilities on Kingsignal Technology and By Health 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 By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsignal Technology and By Health.
Diversification Opportunities for Kingsignal Technology and By Health
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kingsignal and 300146 is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Kingsignal Technology Co and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health 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 By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Kingsignal Technology i.e., Kingsignal Technology and By Health go up and down completely randomly.
Pair Corralation between Kingsignal Technology and By Health
Assuming the 90 days trading horizon Kingsignal Technology Co is expected to under-perform the By Health. In addition to that, Kingsignal Technology is 1.55 times more volatile than By health. It trades about -0.07 of its total potential returns per unit of risk. By health is currently generating about -0.06 per unit of volatility. If you would invest 1,362 in By health on September 12, 2024 and sell it today you would lose (34.00) from holding By health or give up 2.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingsignal Technology Co vs. By health
Performance |
| Timeline |
| Kingsignal Technology |
| By health |
Kingsignal Technology and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingsignal Technology and By Health
The main advantage of trading using opposite Kingsignal Technology and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsignal Technology position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Kingsignal Technology vs. Gansu Jiu Steel | Kingsignal Technology vs. Shandong Mining Machinery | Kingsignal Technology vs. Aba Chemicals Corp | Kingsignal Technology vs. BlueFocus Communication Group |
| By Health vs. China Petroleum Chemical | By Health vs. PetroChina Co Ltd | By Health vs. China State Construction | By Health vs. China Railway Group |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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