Correlation Between Konfoong Materials and Guangdong Marubi
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By analyzing existing cross correlation between Konfoong Materials International and Guangdong Marubi Biotechnology, you can compare the effects of market volatilities on Konfoong Materials and Guangdong Marubi 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 Guangdong Marubi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Konfoong Materials and Guangdong Marubi.
Diversification Opportunities for Konfoong Materials and Guangdong Marubi
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Konfoong and Guangdong is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Konfoong Materials Internation and Guangdong Marubi Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Marubi Bio 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 Guangdong Marubi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Marubi Bio has no effect on the direction of Konfoong Materials i.e., Konfoong Materials and Guangdong Marubi go up and down completely randomly.
Pair Corralation between Konfoong Materials and Guangdong Marubi
Assuming the 90 days trading horizon Konfoong Materials International is expected to generate 0.84 times more return on investment than Guangdong Marubi. However, Konfoong Materials International is 1.19 times less risky than Guangdong Marubi. It trades about 0.33 of its potential returns per unit of risk. Guangdong Marubi Biotechnology is currently generating about 0.13 per unit of risk. If you would invest 6,390 in Konfoong Materials International on November 5, 2024 and sell it today you would earn a total of 639.00 from holding Konfoong Materials International or generate 10.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Konfoong Materials Internation vs. Guangdong Marubi Biotechnology
Performance |
| Timeline |
| Konfoong Materials |
| Guangdong Marubi Bio |
Konfoong Materials and Guangdong Marubi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Konfoong Materials and Guangdong Marubi
The main advantage of trading using opposite Konfoong Materials and Guangdong Marubi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Konfoong Materials position performs unexpectedly, Guangdong Marubi 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 Guangdong Marubi will offset losses from the drop in Guangdong Marubi's long position.| Konfoong Materials vs. Lecron Energy Saving | Konfoong Materials vs. Xinjiang Beixin RoadBridge | Konfoong Materials vs. Qilu Bank Co | Konfoong Materials vs. Agricultural Bank of |
| Guangdong Marubi vs. Kweichow Moutai Co | Guangdong Marubi vs. Shenzhen Mindray Bio Medical | Guangdong Marubi vs. Jiangsu Pacific Quartz | Guangdong Marubi vs. G bits Network Technology |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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