Correlation Between CIMC Vehicles and Kingsignal Technology
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By analyzing existing cross correlation between CIMC Vehicles Co and Kingsignal Technology Co, you can compare the effects of market volatilities on CIMC Vehicles and Kingsignal 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 CIMC Vehicles with a short position of Kingsignal Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of CIMC Vehicles and Kingsignal Technology.
Diversification Opportunities for CIMC Vehicles and Kingsignal Technology
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CIMC and Kingsignal is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding CIMC Vehicles Co and Kingsignal Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingsignal Technology and CIMC Vehicles 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 CIMC Vehicles Co are associated (or correlated) with Kingsignal Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingsignal Technology has no effect on the direction of CIMC Vehicles i.e., CIMC Vehicles and Kingsignal Technology go up and down completely randomly.
Pair Corralation between CIMC Vehicles and Kingsignal Technology
Assuming the 90 days trading horizon CIMC Vehicles Co is expected to under-perform the Kingsignal Technology. But the stock apears to be less risky and, when comparing its historical volatility, CIMC Vehicles Co is 4.38 times less risky than Kingsignal Technology. The stock trades about -0.12 of its potential returns per unit of risk. The Kingsignal Technology Co is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 914.00 in Kingsignal Technology Co on October 30, 2024 and sell it today you would earn a total of 26.00 from holding Kingsignal Technology Co or generate 2.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CIMC Vehicles Co vs. Kingsignal Technology Co
Performance |
| Timeline |
| CIMC Vehicles |
| Kingsignal Technology |
CIMC Vehicles and Kingsignal Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CIMC Vehicles and Kingsignal Technology
The main advantage of trading using opposite CIMC Vehicles and Kingsignal Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CIMC Vehicles position performs unexpectedly, Kingsignal 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 Kingsignal Technology will offset losses from the drop in Kingsignal Technology's long position.| CIMC Vehicles vs. Lianhe Chemical Technology | CIMC Vehicles vs. Cicc Fund Management | CIMC Vehicles vs. Harvest Fund Management | CIMC Vehicles vs. Dymatic Chemicals |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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