Correlation Between Keda Clean and Mingchen Health
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By analyzing existing cross correlation between Keda Clean Energy and Mingchen Health Co, you can compare the effects of market volatilities on Keda Clean and Mingchen Health 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 Mingchen Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Mingchen Health.
Diversification Opportunities for Keda Clean and Mingchen Health
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Keda and Mingchen is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Mingchen Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mingchen Health 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 Mingchen Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mingchen Health has no effect on the direction of Keda Clean i.e., Keda Clean and Mingchen Health go up and down completely randomly.
Pair Corralation between Keda Clean and Mingchen Health
Assuming the 90 days trading horizon Keda Clean Energy is expected to under-perform the Mingchen Health. But the stock apears to be less risky and, when comparing its historical volatility, Keda Clean Energy is 1.83 times less risky than Mingchen Health. The stock trades about -0.05 of its potential returns per unit of risk. The Mingchen Health Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,954 in Mingchen Health Co on October 30, 2024 and sell it today you would lose (315.00) from holding Mingchen Health Co or give up 16.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Mingchen Health Co
Performance |
| Timeline |
| Keda Clean Energy |
| Mingchen Health |
Keda Clean and Mingchen Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Mingchen Health
The main advantage of trading using opposite Keda Clean and Mingchen Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Mingchen Health 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 Mingchen Health will offset losses from the drop in Mingchen Health's long position.| Keda Clean vs. City Development Environment | Keda Clean vs. Wuhan Hvsen Biotechnology | Keda Clean vs. Eit Environmental Development | Keda Clean vs. Shandong Iron and |
| Mingchen Health vs. Ming Yang Smart | Mingchen Health vs. 159681 | Mingchen Health vs. 159005 | Mingchen Health vs. Loctek Ergonomic Technology |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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