Correlation Between Sharetronic Data and Kangping Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sharetronic Data Technology and Kangping Technology Co, you can compare the effects of market volatilities on Sharetronic Data and Kangping Technology 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 Sharetronic Data with a short position of Kangping Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sharetronic Data and Kangping Technology.
Diversification Opportunities for Sharetronic Data and Kangping Technology
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sharetronic and Kangping is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Sharetronic Data Technology and Kangping Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangping Technology and Sharetronic Data 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 Sharetronic Data Technology are associated (or correlated) with Kangping Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangping Technology has no effect on the direction of Sharetronic Data i.e., Sharetronic Data and Kangping Technology go up and down completely randomly.
Pair Corralation between Sharetronic Data and Kangping Technology
Assuming the 90 days trading horizon Sharetronic Data Technology is expected to generate 1.27 times more return on investment than Kangping Technology. However, Sharetronic Data is 1.27 times more volatile than Kangping Technology Co. It trades about 0.09 of its potential returns per unit of risk. Kangping Technology Co is currently generating about 0.08 per unit of risk. If you would invest 4,311 in Sharetronic Data Technology on November 8, 2024 and sell it today you would earn a total of 4,591 from holding Sharetronic Data Technology or generate 106.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sharetronic Data Technology vs. Kangping Technology Co
Performance |
| Timeline |
| Sharetronic Data Tec |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kangping Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Sharetronic Data and Kangping Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sharetronic Data and Kangping Technology
The main advantage of trading using opposite Sharetronic Data and Kangping Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sharetronic Data position performs unexpectedly, Kangping Technology 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 Kangping Technology will offset losses from the drop in Kangping Technology's long position.The idea behind Sharetronic Data Technology and Kangping Technology Co pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Stocks Directory Find actively traded stocks across global markets |