Correlation Between Kangyue Technology and Shanghai AtHub
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By analyzing existing cross correlation between Kangyue Technology Co and Shanghai AtHub Co, you can compare the effects of market volatilities on Kangyue Technology and Shanghai AtHub 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 Shanghai AtHub. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and Shanghai AtHub.
Diversification Opportunities for Kangyue Technology and Shanghai AtHub
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kangyue and Shanghai is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and Shanghai AtHub Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai AtHub 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 Shanghai AtHub. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai AtHub has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and Shanghai AtHub go up and down completely randomly.
Pair Corralation between Kangyue Technology and Shanghai AtHub
Assuming the 90 days trading horizon Kangyue Technology Co is expected to under-perform the Shanghai AtHub. In addition to that, Kangyue Technology is 1.31 times more volatile than Shanghai AtHub Co. It trades about -0.3 of its total potential returns per unit of risk. Shanghai AtHub Co is currently generating about 0.32 per unit of volatility. If you would invest 1,651 in Shanghai AtHub Co on September 28, 2024 and sell it today you would earn a total of 308.00 from holding Shanghai AtHub Co or generate 18.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kangyue Technology Co vs. Shanghai AtHub Co
Performance |
| Timeline |
| Kangyue Technology |
| Shanghai AtHub |
Kangyue Technology and Shanghai AtHub Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and Shanghai AtHub
The main advantage of trading using opposite Kangyue Technology and Shanghai AtHub positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, Shanghai AtHub 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 Shanghai AtHub will offset losses from the drop in Shanghai AtHub's long position.| Kangyue Technology vs. Ming Yang Smart | Kangyue Technology vs. 159681 | Kangyue Technology vs. 159005 | Kangyue Technology vs. Loctek Ergonomic Technology |
| Shanghai AtHub vs. Industrial and Commercial | Shanghai AtHub vs. Agricultural Bank of | Shanghai AtHub vs. China Construction Bank | Shanghai AtHub vs. Bank of China |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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