Correlation Between Kangyue Technology and Tianjin Realty
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By analyzing existing cross correlation between Kangyue Technology Co and Tianjin Realty Development, you can compare the effects of market volatilities on Kangyue Technology and Tianjin Realty 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 Tianjin Realty. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and Tianjin Realty.
Diversification Opportunities for Kangyue Technology and Tianjin Realty
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kangyue and Tianjin is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and Tianjin Realty Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Realty Devel 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 Tianjin Realty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Realty Devel has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and Tianjin Realty go up and down completely randomly.
Pair Corralation between Kangyue Technology and Tianjin Realty
Assuming the 90 days trading horizon Kangyue Technology is expected to generate 1.21 times less return on investment than Tianjin Realty. In addition to that, Kangyue Technology is 1.66 times more volatile than Tianjin Realty Development. It trades about 0.03 of its total potential returns per unit of risk. Tianjin Realty Development is currently generating about 0.05 per unit of volatility. If you would invest 227.00 in Tianjin Realty Development on September 14, 2024 and sell it today you would earn a total of 89.00 from holding Tianjin Realty Development or generate 39.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.58% |
| Values | Daily Returns |
Kangyue Technology Co vs. Tianjin Realty Development
Performance |
| Timeline |
| Kangyue Technology |
| Tianjin Realty Devel |
Kangyue Technology and Tianjin Realty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and Tianjin Realty
The main advantage of trading using opposite Kangyue Technology and Tianjin Realty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, Tianjin Realty 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 Tianjin Realty will offset losses from the drop in Tianjin Realty'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 |
| Tianjin Realty vs. Zhejiang Xiantong RubberPlastic | Tianjin Realty vs. Spring Airlines Co | Tianjin Realty vs. Jiangsu Yanghe Brewery | Tianjin Realty vs. Juneyao Airlines |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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