Correlation Between Kangyue Technology and Jiahe Foods
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By analyzing existing cross correlation between Kangyue Technology Co and Jiahe Foods Industry, you can compare the effects of market volatilities on Kangyue Technology and Jiahe Foods 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 Jiahe Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and Jiahe Foods.
Diversification Opportunities for Kangyue Technology and Jiahe Foods
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kangyue and Jiahe is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and Jiahe Foods Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiahe Foods Industry 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 Jiahe Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiahe Foods Industry has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and Jiahe Foods go up and down completely randomly.
Pair Corralation between Kangyue Technology and Jiahe Foods
Assuming the 90 days trading horizon Kangyue Technology Co is expected to generate 2.23 times more return on investment than Jiahe Foods. However, Kangyue Technology is 2.23 times more volatile than Jiahe Foods Industry. It trades about 0.02 of its potential returns per unit of risk. Jiahe Foods Industry is currently generating about 0.0 per unit of risk. If you would invest 840.00 in Kangyue Technology Co on September 14, 2024 and sell it today you would lose (133.00) from holding Kangyue Technology Co or give up 15.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.62% |
| Values | Daily Returns |
Kangyue Technology Co vs. Jiahe Foods Industry
Performance |
| Timeline |
| Kangyue Technology |
| Jiahe Foods Industry |
Kangyue Technology and Jiahe Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and Jiahe Foods
The main advantage of trading using opposite Kangyue Technology and Jiahe Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, Jiahe Foods 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 Jiahe Foods will offset losses from the drop in Jiahe Foods' 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 |
| Jiahe Foods vs. Nanjing Putian Telecommunications | Jiahe Foods vs. Tianjin Realty Development | Jiahe Foods vs. Kangyue Technology Co | Jiahe Foods 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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