Correlation Between Kangping Technology and FSPG Hi
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By analyzing existing cross correlation between Kangping Technology Co and FSPG Hi Tech Co, you can compare the effects of market volatilities on Kangping Technology and FSPG Hi 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 Kangping Technology with a short position of FSPG Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangping Technology and FSPG Hi.
Diversification Opportunities for Kangping Technology and FSPG Hi
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kangping and FSPG is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Kangping Technology Co and FSPG Hi Tech Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FSPG Hi Tech and Kangping 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 Kangping Technology Co are associated (or correlated) with FSPG Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FSPG Hi Tech has no effect on the direction of Kangping Technology i.e., Kangping Technology and FSPG Hi go up and down completely randomly.
Pair Corralation between Kangping Technology and FSPG Hi
Assuming the 90 days trading horizon Kangping Technology is expected to generate 1.31 times less return on investment than FSPG Hi. In addition to that, Kangping Technology is 1.24 times more volatile than FSPG Hi Tech Co. It trades about 0.03 of its total potential returns per unit of risk. FSPG Hi Tech Co is currently generating about 0.05 per unit of volatility. If you would invest 464.00 in FSPG Hi Tech Co on August 29, 2024 and sell it today you would earn a total of 273.00 from holding FSPG Hi Tech Co or generate 58.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Kangping Technology Co vs. FSPG Hi Tech Co
Performance |
| Timeline |
| Kangping Technology |
| FSPG Hi Tech |
Kangping Technology and FSPG Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangping Technology and FSPG Hi
The main advantage of trading using opposite Kangping Technology and FSPG Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangping Technology position performs unexpectedly, FSPG Hi 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 FSPG Hi will offset losses from the drop in FSPG Hi's long position.| Kangping Technology vs. Shanxi Lanhua Sci Tech | Kangping Technology vs. Zoje Resources Investment | Kangping Technology vs. Jointo Energy Investment | Kangping Technology vs. Hunan Investment Group |
| FSPG Hi vs. Iat Automobile Technology | FSPG Hi vs. Wuhan Yangtze Communication | FSPG Hi vs. Shenzhen Kexin Communication | FSPG Hi vs. Haima Automobile Group |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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