Correlation Between Kangxin New and Allgens Medical
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By analyzing existing cross correlation between Kangxin New Materials and Allgens Medical Technology, you can compare the effects of market volatilities on Kangxin New and Allgens Medical 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 Kangxin New with a short position of Allgens Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangxin New and Allgens Medical.
Diversification Opportunities for Kangxin New and Allgens Medical
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kangxin and Allgens is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Kangxin New Materials and Allgens Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allgens Medical Tech and Kangxin New 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 Kangxin New Materials are associated (or correlated) with Allgens Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allgens Medical Tech has no effect on the direction of Kangxin New i.e., Kangxin New and Allgens Medical go up and down completely randomly.
Pair Corralation between Kangxin New and Allgens Medical
Assuming the 90 days trading horizon Kangxin New Materials is expected to generate 0.98 times more return on investment than Allgens Medical. However, Kangxin New Materials is 1.02 times less risky than Allgens Medical. It trades about 0.01 of its potential returns per unit of risk. Allgens Medical Technology is currently generating about 0.0 per unit of risk. If you would invest 297.00 in Kangxin New Materials on September 13, 2024 and sell it today you would lose (11.00) from holding Kangxin New Materials or give up 3.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kangxin New Materials vs. Allgens Medical Technology
Performance |
| Timeline |
| Kangxin New Materials |
| Allgens Medical Tech |
Kangxin New and Allgens Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangxin New and Allgens Medical
The main advantage of trading using opposite Kangxin New and Allgens Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangxin New position performs unexpectedly, Allgens Medical 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 Allgens Medical will offset losses from the drop in Allgens Medical's long position.| Kangxin New vs. Zijin Mining Group | Kangxin New vs. Wanhua Chemical Group | Kangxin New vs. Baoshan Iron Steel | Kangxin New vs. Shandong Gold Mining |
| Allgens Medical vs. Longjian Road Bridge | Allgens Medical vs. Chongqing Sulian Plastic | Allgens Medical vs. Everdisplay Optronics Shanghai | Allgens Medical vs. Kangxin New Materials |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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