Correlation Between Kangyue Technology and Sino Platinum
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kangyue Technology Co and Sino Platinum Metals Co, you can compare the effects of market volatilities on Kangyue Technology and Sino Platinum 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 Sino Platinum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and Sino Platinum.
Diversification Opportunities for Kangyue Technology and Sino Platinum
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kangyue and Sino is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and Sino Platinum Metals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Platinum Metals 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 Sino Platinum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Platinum Metals has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and Sino Platinum go up and down completely randomly.
Pair Corralation between Kangyue Technology and Sino Platinum
Assuming the 90 days trading horizon Kangyue Technology Co is expected to generate 2.75 times more return on investment than Sino Platinum. However, Kangyue Technology is 2.75 times more volatile than Sino Platinum Metals Co. It trades about 0.01 of its potential returns per unit of risk. Sino Platinum Metals Co is currently generating about 0.01 per unit of risk. If you would invest 1,010 in Kangyue Technology Co on September 14, 2024 and sell it today you would lose (293.00) from holding Kangyue Technology Co or give up 29.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kangyue Technology Co vs. Sino Platinum Metals Co
Performance |
| Timeline |
| Kangyue Technology |
| Sino Platinum Metals |
Kangyue Technology and Sino Platinum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and Sino Platinum
The main advantage of trading using opposite Kangyue Technology and Sino Platinum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, Sino Platinum 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 Sino Platinum will offset losses from the drop in Sino Platinum'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 |
| Sino Platinum vs. Zijin Mining Group | Sino Platinum vs. Wanhua Chemical Group | Sino Platinum vs. Baoshan Iron Steel | Sino Platinum vs. Rongsheng Petrochemical Co |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |