Correlation Between Sinofibers Technology and Keli Sensing
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By analyzing existing cross correlation between Sinofibers Technology Co and Keli Sensing Technology, you can compare the effects of market volatilities on Sinofibers Technology and Keli Sensing 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 Sinofibers Technology with a short position of Keli Sensing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinofibers Technology and Keli Sensing.
Diversification Opportunities for Sinofibers Technology and Keli Sensing
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sinofibers and Keli is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Sinofibers Technology Co and Keli Sensing Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keli Sensing Technology and Sinofibers Technology 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 Sinofibers Technology Co are associated (or correlated) with Keli Sensing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keli Sensing Technology has no effect on the direction of Sinofibers Technology i.e., Sinofibers Technology and Keli Sensing go up and down completely randomly.
Pair Corralation between Sinofibers Technology and Keli Sensing
Assuming the 90 days trading horizon Sinofibers Technology Co is expected to under-perform the Keli Sensing. But the stock apears to be less risky and, when comparing its historical volatility, Sinofibers Technology Co is 1.18 times less risky than Keli Sensing. The stock trades about -0.03 of its potential returns per unit of risk. The Keli Sensing Technology is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 3,361 in Keli Sensing Technology on August 28, 2024 and sell it today you would earn a total of 1,760 from holding Keli Sensing Technology or generate 52.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sinofibers Technology Co vs. Keli Sensing Technology
Performance |
| Timeline |
| Sinofibers Technology |
| Keli Sensing Technology |
Sinofibers Technology and Keli Sensing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinofibers Technology and Keli Sensing
The main advantage of trading using opposite Sinofibers Technology and Keli Sensing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinofibers Technology position performs unexpectedly, Keli Sensing 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 Keli Sensing will offset losses from the drop in Keli Sensing's long position.| Sinofibers Technology vs. Zijin Mining Group | Sinofibers Technology vs. Wanhua Chemical Group | Sinofibers Technology vs. Baoshan Iron Steel | Sinofibers Technology vs. Shandong Gold Mining |
| Keli Sensing vs. Kweichow Moutai Co | Keli Sensing vs. Shenzhen Mindray Bio Medical | Keli Sensing vs. Jiangsu Pacific Quartz | Keli Sensing 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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