Correlation Between Konfoong Materials and Grandblue Environment
Specify exactly 2 symbols:
By analyzing existing cross correlation between Konfoong Materials International and Grandblue Environment Co, you can compare the effects of market volatilities on Konfoong Materials and Grandblue Environment 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 Konfoong Materials with a short position of Grandblue Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Konfoong Materials and Grandblue Environment.
Diversification Opportunities for Konfoong Materials and Grandblue Environment
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Konfoong and Grandblue is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Konfoong Materials Internation and Grandblue Environment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grandblue Environment and Konfoong Materials 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 Konfoong Materials International are associated (or correlated) with Grandblue Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grandblue Environment has no effect on the direction of Konfoong Materials i.e., Konfoong Materials and Grandblue Environment go up and down completely randomly.
Pair Corralation between Konfoong Materials and Grandblue Environment
Assuming the 90 days trading horizon Konfoong Materials International is expected to under-perform the Grandblue Environment. In addition to that, Konfoong Materials is 1.6 times more volatile than Grandblue Environment Co. It trades about -0.07 of its total potential returns per unit of risk. Grandblue Environment Co is currently generating about -0.08 per unit of volatility. If you would invest 2,312 in Grandblue Environment Co on October 27, 2024 and sell it today you would lose (62.00) from holding Grandblue Environment Co or give up 2.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Konfoong Materials Internation vs. Grandblue Environment Co
Performance |
| Timeline |
| Konfoong Materials |
| Grandblue Environment |
Konfoong Materials and Grandblue Environment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Konfoong Materials and Grandblue Environment
The main advantage of trading using opposite Konfoong Materials and Grandblue Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Konfoong Materials position performs unexpectedly, Grandblue Environment 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 Grandblue Environment will offset losses from the drop in Grandblue Environment's long position.| Konfoong Materials vs. Cloud Live Technology | Konfoong Materials vs. Nanjing Putian Telecommunications | Konfoong Materials vs. Shenzhen Coship Electronics | Konfoong Materials vs. Shenzhen Hifuture Electric |
| Grandblue Environment vs. Guocheng Mining Co | Grandblue Environment vs. Do Fluoride Chemicals Co | Grandblue Environment vs. Guangdong Silvere Sci | Grandblue Environment vs. Porton Fine Chemicals |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |