Correlation Between Konfoong Materials and Shandong Publishing
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By analyzing existing cross correlation between Konfoong Materials International and Shandong Publishing Media, you can compare the effects of market volatilities on Konfoong Materials and Shandong Publishing 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 Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Konfoong Materials and Shandong Publishing.
Diversification Opportunities for Konfoong Materials and Shandong Publishing
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Konfoong and Shandong is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Konfoong Materials Internation and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing Media 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 Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of Konfoong Materials i.e., Konfoong Materials and Shandong Publishing go up and down completely randomly.
Pair Corralation between Konfoong Materials and Shandong Publishing
Assuming the 90 days trading horizon Konfoong Materials International is expected to generate 1.59 times more return on investment than Shandong Publishing. However, Konfoong Materials is 1.59 times more volatile than Shandong Publishing Media. It trades about 0.07 of its potential returns per unit of risk. Shandong Publishing Media is currently generating about -0.01 per unit of risk. If you would invest 5,482 in Konfoong Materials International on October 18, 2024 and sell it today you would earn a total of 1,431 from holding Konfoong Materials International or generate 26.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Konfoong Materials Internation vs. Shandong Publishing Media
Performance |
| Timeline |
| Konfoong Materials |
| Shandong Publishing Media |
Konfoong Materials and Shandong Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Konfoong Materials and Shandong Publishing
The main advantage of trading using opposite Konfoong Materials and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Konfoong Materials position performs unexpectedly, Shandong Publishing 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 Shandong Publishing will offset losses from the drop in Shandong Publishing's long position.| Konfoong Materials vs. Double Medical Technology | Konfoong Materials vs. Allmed Medical Products | Konfoong Materials vs. Zhonghong Pulin Medical | Konfoong Materials vs. Shandong Publishing Media |
| Shandong Publishing vs. Spring Airlines Co | Shandong Publishing vs. Guilin Seamild Foods | Shandong Publishing vs. HaiXin Foods Co | Shandong Publishing vs. Beijing Sanyuan Foods |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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