Correlation Between Keda Clean and North Copper
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By analyzing existing cross correlation between Keda Clean Energy and North Copper Shanxi, you can compare the effects of market volatilities on Keda Clean and North Copper 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 Keda Clean with a short position of North Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and North Copper.
Diversification Opportunities for Keda Clean and North Copper
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Keda and North is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and North Copper Shanxi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on North Copper Shanxi and Keda Clean 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 Keda Clean Energy are associated (or correlated) with North Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of North Copper Shanxi has no effect on the direction of Keda Clean i.e., Keda Clean and North Copper go up and down completely randomly.
Pair Corralation between Keda Clean and North Copper
Assuming the 90 days trading horizon Keda Clean Energy is expected to under-perform the North Copper. But the stock apears to be less risky and, when comparing its historical volatility, Keda Clean Energy is 2.42 times less risky than North Copper. The stock trades about 0.0 of its potential returns per unit of risk. The North Copper Shanxi is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 860.00 in North Copper Shanxi on October 17, 2024 and sell it today you would earn a total of 80.00 from holding North Copper Shanxi or generate 9.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. North Copper Shanxi
Performance |
| Timeline |
| Keda Clean Energy |
| North Copper Shanxi |
Keda Clean and North Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and North Copper
The main advantage of trading using opposite Keda Clean and North Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, North Copper 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 North Copper will offset losses from the drop in North Copper's long position.| Keda Clean vs. Xiangyang Automobile Bearing | Keda Clean vs. ButOne Information Corp | Keda Clean vs. Fibocom Wireless | Keda Clean vs. Hangzhou Gisway Information |
| North Copper vs. Bank of Communications | North Copper vs. Shenzhen Kexin Communication | North Copper vs. Keda Clean Energy | North Copper vs. Tongyu Communication |
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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