Correlation Between Kangping Technology and Kunwu Jiuding
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By analyzing existing cross correlation between Kangping Technology Co and Kunwu Jiuding Investment, you can compare the effects of market volatilities on Kangping Technology and Kunwu Jiuding 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 Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangping Technology and Kunwu Jiuding.
Diversification Opportunities for Kangping Technology and Kunwu Jiuding
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kangping and Kunwu is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Kangping Technology Co and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment 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 Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of Kangping Technology i.e., Kangping Technology and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between Kangping Technology and Kunwu Jiuding
Assuming the 90 days trading horizon Kangping Technology is expected to generate 1.29 times less return on investment than Kunwu Jiuding. But when comparing it to its historical volatility, Kangping Technology Co is 1.34 times less risky than Kunwu Jiuding. It trades about 0.08 of its potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,340 in Kunwu Jiuding Investment on December 8, 2024 and sell it today you would earn a total of 47.00 from holding Kunwu Jiuding Investment or generate 3.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Kangping Technology Co vs. Kunwu Jiuding Investment
Performance |
| Timeline |
| Kangping Technology |
| Kunwu Jiuding Investment |
Kangping Technology and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangping Technology and Kunwu Jiuding
The main advantage of trading using opposite Kangping Technology and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangping Technology position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| Kangping Technology vs. Shaanxi Meineng Clean | Kangping Technology vs. Great Sun Foods Co | Kangping Technology vs. Shanghai Ziyan Foods | Kangping Technology vs. Ping An Insurance |
| Kunwu Jiuding vs. Liuzhou Chemical Industry | Kunwu Jiuding vs. Emdoor Information Co | Kunwu Jiuding vs. Ningxia Younglight Chemicals | Kunwu Jiuding vs. Westone Information Industry |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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