Correlation Between Miracll Chemicals and Konfoong Materials
Specify exactly 2 symbols:
By analyzing existing cross correlation between Miracll Chemicals Co and Konfoong Materials International, you can compare the effects of market volatilities on Miracll Chemicals and Konfoong Materials 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 Miracll Chemicals with a short position of Konfoong Materials. Check out your portfolio center. Please also check ongoing floating volatility patterns of Miracll Chemicals and Konfoong Materials.
Diversification Opportunities for Miracll Chemicals and Konfoong Materials
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Miracll and Konfoong is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Miracll Chemicals Co and Konfoong Materials Internation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Konfoong Materials and Miracll Chemicals 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 Miracll Chemicals Co are associated (or correlated) with Konfoong Materials. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Konfoong Materials has no effect on the direction of Miracll Chemicals i.e., Miracll Chemicals and Konfoong Materials go up and down completely randomly.
Pair Corralation between Miracll Chemicals and Konfoong Materials
Assuming the 90 days trading horizon Miracll Chemicals Co is expected to under-perform the Konfoong Materials. But the stock apears to be less risky and, when comparing its historical volatility, Miracll Chemicals Co is 1.19 times less risky than Konfoong Materials. The stock trades about -0.36 of its potential returns per unit of risk. The Konfoong Materials International is currently generating about -0.23 of returns per unit of risk over similar time horizon. If you would invest 7,495 in Konfoong Materials International on October 11, 2024 and sell it today you would lose (873.00) from holding Konfoong Materials International or give up 11.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Miracll Chemicals Co vs. Konfoong Materials Internation
Performance |
| Timeline |
| Miracll Chemicals |
| Konfoong Materials |
Miracll Chemicals and Konfoong Materials Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Miracll Chemicals and Konfoong Materials
The main advantage of trading using opposite Miracll Chemicals and Konfoong Materials positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Miracll Chemicals position performs unexpectedly, Konfoong Materials 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 Konfoong Materials will offset losses from the drop in Konfoong Materials' long position.| Miracll Chemicals vs. Shenzhen Zhongzhuang Construction | Miracll Chemicals vs. Chengtun Mining Group | Miracll Chemicals vs. Xinjiang Baodi Mining | Miracll Chemicals vs. Nanxing Furniture Machinery |
| Konfoong Materials vs. Sinofibers Technology Co | Konfoong Materials vs. Miracll Chemicals Co | Konfoong Materials vs. Xizi Clean Energy | Konfoong Materials vs. Jinhe Biotechnology Co |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |