Correlation Between Hangzhou Gisway and Keli Sensing
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By analyzing existing cross correlation between Hangzhou Gisway Information and Keli Sensing Technology, you can compare the effects of market volatilities on Hangzhou Gisway and Keli Sensing 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 Hangzhou Gisway with a short position of Keli Sensing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Keli Sensing.
Diversification Opportunities for Hangzhou Gisway and Keli Sensing
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hangzhou and Keli is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information and Keli Sensing Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keli Sensing Technology and Hangzhou Gisway 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 Hangzhou Gisway Information are associated (or correlated) with Keli Sensing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keli Sensing Technology has no effect on the direction of Hangzhou Gisway i.e., Hangzhou Gisway and Keli Sensing go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Keli Sensing
Assuming the 90 days trading horizon Hangzhou Gisway is expected to generate 5.58 times less return on investment than Keli Sensing. But when comparing it to its historical volatility, Hangzhou Gisway Information is 2.46 times less risky than Keli Sensing. It trades about 0.13 of its potential returns per unit of risk. Keli Sensing Technology is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 3,661 in Keli Sensing Technology on September 3, 2024 and sell it today you would earn a total of 1,443 from holding Keli Sensing Technology or generate 39.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Keli Sensing Technology
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Keli Sensing Technology |
Hangzhou Gisway and Keli Sensing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Keli Sensing
The main advantage of trading using opposite Hangzhou Gisway and Keli Sensing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway position performs unexpectedly, Keli Sensing 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 Keli Sensing will offset losses from the drop in Keli Sensing's long position.| Hangzhou Gisway vs. Fujian Longzhou Transportation | Hangzhou Gisway vs. Hainan Haiqi Transportation | Hangzhou Gisway vs. Broadex Technologies Co | Hangzhou Gisway vs. Heilongjiang Transport Development |
| Keli Sensing vs. Zhongtong Guomai Communication | Keli Sensing vs. Anhui Fuhuang Steel | Keli Sensing vs. Jonjee Hi tech Industrial | Keli Sensing vs. Dongjiang Environmental 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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