Correlation Between Konfoong Materials and Dosilicon
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By analyzing existing cross correlation between Konfoong Materials International and Dosilicon Co, you can compare the effects of market volatilities on Konfoong Materials and Dosilicon 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 Dosilicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Konfoong Materials and Dosilicon.
Diversification Opportunities for Konfoong Materials and Dosilicon
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Konfoong and Dosilicon is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Konfoong Materials Internation and Dosilicon Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dosilicon 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 Dosilicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dosilicon has no effect on the direction of Konfoong Materials i.e., Konfoong Materials and Dosilicon go up and down completely randomly.
Pair Corralation between Konfoong Materials and Dosilicon
Assuming the 90 days trading horizon Konfoong Materials International is expected to under-perform the Dosilicon. But the stock apears to be less risky and, when comparing its historical volatility, Konfoong Materials International is 1.49 times less risky than Dosilicon. The stock trades about -0.07 of its potential returns per unit of risk. The Dosilicon Co is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 2,295 in Dosilicon Co on October 30, 2024 and sell it today you would earn a total of 175.00 from holding Dosilicon Co or generate 7.63% 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. Dosilicon Co
Performance |
| Timeline |
| Konfoong Materials |
| Dosilicon |
Konfoong Materials and Dosilicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Konfoong Materials and Dosilicon
The main advantage of trading using opposite Konfoong Materials and Dosilicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Konfoong Materials position performs unexpectedly, Dosilicon 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 Dosilicon will offset losses from the drop in Dosilicon'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 |
| Dosilicon vs. Changjiang Publishing Media | Dosilicon vs. Nanxing Furniture Machinery | Dosilicon vs. Ziel Home Furnishing | Dosilicon vs. Zhangjiagang Elegant Home |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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