Correlation Between Kangyue Technology and SG Micro
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By analyzing existing cross correlation between Kangyue Technology Co and SG Micro Corp, you can compare the effects of market volatilities on Kangyue Technology and SG Micro 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 SG Micro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and SG Micro.
Diversification Opportunities for Kangyue Technology and SG Micro
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kangyue and 300661 is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and SG Micro Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SG Micro Corp 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 SG Micro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SG Micro Corp has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and SG Micro go up and down completely randomly.
Pair Corralation between Kangyue Technology and SG Micro
Assuming the 90 days trading horizon Kangyue Technology Co is expected to under-perform the SG Micro. In addition to that, Kangyue Technology is 1.87 times more volatile than SG Micro Corp. It trades about -0.04 of its total potential returns per unit of risk. SG Micro Corp is currently generating about -0.07 per unit of volatility. If you would invest 9,189 in SG Micro Corp on September 15, 2024 and sell it today you would lose (364.00) from holding SG Micro Corp or give up 3.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Kangyue Technology Co vs. SG Micro Corp
Performance |
| Timeline |
| Kangyue Technology |
| SG Micro Corp |
Kangyue Technology and SG Micro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and SG Micro
The main advantage of trading using opposite Kangyue Technology and SG Micro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, SG Micro 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 SG Micro will offset losses from the drop in SG Micro's long position.| Kangyue Technology vs. Hangzhou Coco Healthcare | Kangyue Technology vs. Hangzhou Weiguang Electronic | Kangyue Technology vs. Nantong Haixing Electronics | Kangyue Technology vs. Shandong Sinoglory Health |
| SG Micro vs. Hengkang Medical Group | SG Micro vs. Guangdong Jingyi Metal | SG Micro vs. Tibet Huayu Mining | SG Micro vs. Sichuan Yahua Industrial |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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