Correlation Between Kunwu Jiuding and Sungrow Power
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By analyzing existing cross correlation between Kunwu Jiuding Investment and Sungrow Power Supply, you can compare the effects of market volatilities on Kunwu Jiuding and Sungrow Power 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 Kunwu Jiuding with a short position of Sungrow Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kunwu Jiuding and Sungrow Power.
Diversification Opportunities for Kunwu Jiuding and Sungrow Power
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kunwu and Sungrow is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Kunwu Jiuding Investment and Sungrow Power Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sungrow Power Supply and Kunwu Jiuding 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 Kunwu Jiuding Investment are associated (or correlated) with Sungrow Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sungrow Power Supply has no effect on the direction of Kunwu Jiuding i.e., Kunwu Jiuding and Sungrow Power go up and down completely randomly.
Pair Corralation between Kunwu Jiuding and Sungrow Power
Assuming the 90 days trading horizon Kunwu Jiuding Investment is expected to generate 1.26 times more return on investment than Sungrow Power. However, Kunwu Jiuding is 1.26 times more volatile than Sungrow Power Supply. It trades about 0.04 of its potential returns per unit of risk. Sungrow Power Supply is currently generating about 0.05 per unit of risk. If you would invest 1,288 in Kunwu Jiuding Investment on September 4, 2024 and sell it today you would earn a total of 377.00 from holding Kunwu Jiuding Investment or generate 29.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kunwu Jiuding Investment vs. Sungrow Power Supply
Performance |
| Timeline |
| Kunwu Jiuding Investment |
| Sungrow Power Supply |
Kunwu Jiuding and Sungrow Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kunwu Jiuding and Sungrow Power
The main advantage of trading using opposite Kunwu Jiuding and Sungrow Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kunwu Jiuding position performs unexpectedly, Sungrow Power 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 Sungrow Power will offset losses from the drop in Sungrow Power's long position.| Kunwu Jiuding vs. Industrial and Commercial | Kunwu Jiuding vs. Agricultural Bank of | Kunwu Jiuding vs. China Construction Bank | Kunwu Jiuding vs. Bank of China |
| Sungrow Power vs. Guangzhou Jointas Chemical | Sungrow Power vs. Xilinmen Furniture Co | Sungrow Power vs. Jilin Chemical Fibre | Sungrow Power vs. HeBei Jinniu Chemical |
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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