Correlation Between Kangyue Technology and National Silicon
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By analyzing existing cross correlation between Kangyue Technology Co and National Silicon Industry, you can compare the effects of market volatilities on Kangyue Technology and National Silicon 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 National Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and National Silicon.
Diversification Opportunities for Kangyue Technology and National Silicon
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kangyue and National is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and National Silicon Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National Silicon 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 National Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National Silicon Industry has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and National Silicon go up and down completely randomly.
Pair Corralation between Kangyue Technology and National Silicon
Assuming the 90 days trading horizon Kangyue Technology Co is expected to under-perform the National Silicon. In addition to that, Kangyue Technology is 1.76 times more volatile than National Silicon Industry. It trades about -0.59 of its total potential returns per unit of risk. National Silicon Industry is currently generating about -0.46 per unit of volatility. If you would invest 2,208 in National Silicon Industry on October 7, 2024 and sell it today you would lose (363.00) from holding National Silicon Industry or give up 16.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kangyue Technology Co vs. National Silicon Industry
Performance |
| Timeline |
| Kangyue Technology |
| National Silicon Industry |
Kangyue Technology and National Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and National Silicon
The main advantage of trading using opposite Kangyue Technology and National Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, National Silicon 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 National Silicon will offset losses from the drop in National Silicon's long position.| Kangyue Technology vs. Shenzhen Noposion Agrochemicals | Kangyue Technology vs. Wuxi Chemical Equipment | Kangyue Technology vs. Hainan Airlines Co | Kangyue Technology vs. Maoming Petro Chemical Shihua |
| National Silicon vs. PetroChina Co Ltd | National Silicon vs. Gansu Jiu Steel | National Silicon vs. Aba Chemicals Corp | National Silicon vs. Yes Optoelectronics 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 CEOs Directory module to screen CEOs from public companies around the world.
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