Correlation Between Konfoong Materials and Thinkingdom Media
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By analyzing existing cross correlation between Konfoong Materials International and Thinkingdom Media Group, you can compare the effects of market volatilities on Konfoong Materials and Thinkingdom Media 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 Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Konfoong Materials and Thinkingdom Media.
Diversification Opportunities for Konfoong Materials and Thinkingdom Media
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Konfoong and Thinkingdom is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Konfoong Materials Internation and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom 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 Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Konfoong Materials i.e., Konfoong Materials and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Konfoong Materials and Thinkingdom Media
Assuming the 90 days trading horizon Konfoong Materials International is expected to generate 0.68 times more return on investment than Thinkingdom Media. However, Konfoong Materials International is 1.47 times less risky than Thinkingdom Media. It trades about -0.07 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about -0.08 per unit of risk. If you would invest 7,546 in Konfoong Materials International on October 30, 2024 and sell it today you would lose (517.00) from holding Konfoong Materials International or give up 6.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Konfoong Materials Internation vs. Thinkingdom Media Group
Performance |
| Timeline |
| Konfoong Materials |
| Thinkingdom Media |
Konfoong Materials and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Konfoong Materials and Thinkingdom Media
The main advantage of trading using opposite Konfoong Materials and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Konfoong Materials position performs unexpectedly, Thinkingdom Media 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| Konfoong Materials vs. Jiangsu Financial Leasing | Konfoong Materials vs. Zhejiang Construction Investment | Konfoong Materials vs. Zhejiang Publishing Media | Konfoong Materials vs. Beijing Kaiwen Education |
| Thinkingdom Media vs. Beijing Bewinner Communications | Thinkingdom Media vs. Sunny Loan Top | Thinkingdom Media vs. Jilin Jlu Communication | Thinkingdom Media vs. Songz Automobile Air |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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