Correlation Between Kailong High and Guangzhou KingTeller
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By analyzing existing cross correlation between Kailong High Technology and Guangzhou KingTeller Technology, you can compare the effects of market volatilities on Kailong High and Guangzhou KingTeller 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 Kailong High with a short position of Guangzhou KingTeller. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kailong High and Guangzhou KingTeller.
Diversification Opportunities for Kailong High and Guangzhou KingTeller
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kailong and Guangzhou is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Kailong High Technology and Guangzhou KingTeller Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou KingTeller and Kailong High 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 Kailong High Technology are associated (or correlated) with Guangzhou KingTeller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou KingTeller has no effect on the direction of Kailong High i.e., Kailong High and Guangzhou KingTeller go up and down completely randomly.
Pair Corralation between Kailong High and Guangzhou KingTeller
Assuming the 90 days trading horizon Kailong High Technology is expected to under-perform the Guangzhou KingTeller. In addition to that, Kailong High is 1.13 times more volatile than Guangzhou KingTeller Technology. It trades about -0.22 of its total potential returns per unit of risk. Guangzhou KingTeller Technology is currently generating about -0.19 per unit of volatility. If you would invest 485.00 in Guangzhou KingTeller Technology on December 31, 2024 and sell it today you would lose (41.00) from holding Guangzhou KingTeller Technology or give up 8.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Kailong High Technology vs. Guangzhou KingTeller Technolog
Performance |
| Timeline |
| Kailong High Technology |
| Guangzhou KingTeller |
Kailong High and Guangzhou KingTeller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kailong High and Guangzhou KingTeller
The main advantage of trading using opposite Kailong High and Guangzhou KingTeller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kailong High position performs unexpectedly, Guangzhou KingTeller 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 Guangzhou KingTeller will offset losses from the drop in Guangzhou KingTeller's long position.| Kailong High vs. Sichuan Newsnet Media | Kailong High vs. Inly Media Co | Kailong High vs. Wasu Media Holding | Kailong High vs. Duzhe Publishing Media |
| Guangzhou KingTeller vs. Shandong Mining Machinery | Guangzhou KingTeller vs. Sinofibers Technology Co | Guangzhou KingTeller vs. Winner Information Technology | Guangzhou KingTeller vs. Bangyan Technology 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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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