Correlation Between Minmetals Capital and Keli Sensing
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By analyzing existing cross correlation between Minmetals Capital Co and Keli Sensing Technology, you can compare the effects of market volatilities on Minmetals Capital 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 Minmetals Capital with a short position of Keli Sensing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Minmetals Capital and Keli Sensing.
Diversification Opportunities for Minmetals Capital and Keli Sensing
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Minmetals and Keli is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Minmetals Capital Co 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 Minmetals Capital 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 Minmetals Capital Co 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 Minmetals Capital i.e., Minmetals Capital and Keli Sensing go up and down completely randomly.
Pair Corralation between Minmetals Capital and Keli Sensing
Assuming the 90 days trading horizon Minmetals Capital Co is expected to under-perform the Keli Sensing. But the stock apears to be less risky and, when comparing its historical volatility, Minmetals Capital Co is 1.7 times less risky than Keli Sensing. The stock trades about -0.15 of its potential returns per unit of risk. The 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 |
Minmetals Capital Co vs. Keli Sensing Technology
Performance |
| Timeline |
| Minmetals Capital |
| Keli Sensing Technology |
Minmetals Capital and Keli Sensing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Minmetals Capital and Keli Sensing
The main advantage of trading using opposite Minmetals Capital and Keli Sensing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Minmetals Capital 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.| Minmetals Capital vs. Beijing Jiaman Dress | Minmetals Capital vs. Tianjin Capital Environmental | Minmetals Capital vs. Sinocat Environmental Technology | Minmetals Capital vs. Beijing Mainstreets Investment |
| 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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