Correlation Between Kangyue Technology and Henan Shuanghui
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kangyue Technology Co and Henan Shuanghui Investment, you can compare the effects of market volatilities on Kangyue Technology and Henan Shuanghui 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 Kangyue Technology with a short position of Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and Henan Shuanghui.
Diversification Opportunities for Kangyue Technology and Henan Shuanghui
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kangyue and Henan is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and Henan Shuanghui Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Shuanghui Inve and Kangyue 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 Kangyue Technology Co are associated (or correlated) with Henan Shuanghui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Shuanghui Inve has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and Henan Shuanghui go up and down completely randomly.
Pair Corralation between Kangyue Technology and Henan Shuanghui
Assuming the 90 days trading horizon Kangyue Technology Co is expected to generate 4.49 times more return on investment than Henan Shuanghui. However, Kangyue Technology is 4.49 times more volatile than Henan Shuanghui Investment. It trades about 0.03 of its potential returns per unit of risk. Henan Shuanghui Investment is currently generating about 0.03 per unit of risk. If you would invest 796.00 in Kangyue Technology Co on September 14, 2024 and sell it today you would lose (79.00) from holding Kangyue Technology Co or give up 9.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kangyue Technology Co vs. Henan Shuanghui Investment
Performance |
| Timeline |
| Kangyue Technology |
| Henan Shuanghui Inve |
Kangyue Technology and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and Henan Shuanghui
The main advantage of trading using opposite Kangyue Technology and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, Henan Shuanghui 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 Henan Shuanghui will offset losses from the drop in Henan Shuanghui's long position.| Kangyue Technology vs. Sino Platinum Metals Co | Kangyue Technology vs. Hangzhou Pinming Software | Kangyue Technology vs. Guangzhou Seagull Kitchen | Kangyue Technology vs. Zhejiang Yayi Metal |
| Henan Shuanghui vs. Nanjing Putian Telecommunications | Henan Shuanghui vs. Tianjin Realty Development | Henan Shuanghui vs. Kangyue Technology Co | Henan Shuanghui vs. Shenzhen Hifuture Electric |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |