Correlation Between Kangyue Technology and JuneYao Dairy
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By analyzing existing cross correlation between Kangyue Technology Co and JuneYao Dairy Co, you can compare the effects of market volatilities on Kangyue Technology and JuneYao Dairy 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 JuneYao Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and JuneYao Dairy.
Diversification Opportunities for Kangyue Technology and JuneYao Dairy
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Kangyue and JuneYao is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and JuneYao Dairy Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JuneYao Dairy 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 JuneYao Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JuneYao Dairy has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and JuneYao Dairy go up and down completely randomly.
Pair Corralation between Kangyue Technology and JuneYao Dairy
Assuming the 90 days trading horizon Kangyue Technology Co is expected to under-perform the JuneYao Dairy. In addition to that, Kangyue Technology is 1.11 times more volatile than JuneYao Dairy Co. It trades about -0.57 of its total potential returns per unit of risk. JuneYao Dairy Co is currently generating about -0.45 per unit of volatility. If you would invest 784.00 in JuneYao Dairy Co on October 14, 2024 and sell it today you would lose (212.00) from holding JuneYao Dairy Co or give up 27.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kangyue Technology Co vs. JuneYao Dairy Co
Performance |
| Timeline |
| Kangyue Technology |
| JuneYao Dairy |
Kangyue Technology and JuneYao Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and JuneYao Dairy
The main advantage of trading using opposite Kangyue Technology and JuneYao Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, JuneYao Dairy 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 JuneYao Dairy will offset losses from the drop in JuneYao Dairy's long position.| Kangyue Technology vs. Duzhe Publishing Media | Kangyue Technology vs. TongFu Microelectronics Co | Kangyue Technology vs. Guangzhou Jinyi Media | Kangyue Technology vs. Jinlong Machinery Electronic |
| JuneYao Dairy vs. Western Metal Materials | JuneYao Dairy vs. Allwin Telecommunication Co | JuneYao Dairy vs. Nanjing Putian Telecommunications | JuneYao Dairy vs. Tibet Huayu Mining |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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