Correlation Between Keda Clean and Chengdu Spaceon
Specify exactly 2 symbols:
By analyzing existing cross correlation between Keda Clean Energy and Chengdu Spaceon Electronics, you can compare the effects of market volatilities on Keda Clean and Chengdu Spaceon 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 Chengdu Spaceon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Chengdu Spaceon.
Diversification Opportunities for Keda Clean and Chengdu Spaceon
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Keda and Chengdu is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Chengdu Spaceon Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Spaceon Elec 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 Chengdu Spaceon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Spaceon Elec has no effect on the direction of Keda Clean i.e., Keda Clean and Chengdu Spaceon go up and down completely randomly.
Pair Corralation between Keda Clean and Chengdu Spaceon
Assuming the 90 days trading horizon Keda Clean Energy is expected to under-perform the Chengdu Spaceon. But the stock apears to be less risky and, when comparing its historical volatility, Keda Clean Energy is 1.29 times less risky than Chengdu Spaceon. The stock trades about -0.02 of its potential returns per unit of risk. The Chengdu Spaceon Electronics is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,522 in Chengdu Spaceon Electronics on September 14, 2024 and sell it today you would earn a total of 290.00 from holding Chengdu Spaceon Electronics or generate 19.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Chengdu Spaceon Electronics
Performance |
| Timeline |
| Keda Clean Energy |
| Chengdu Spaceon Elec |
Keda Clean and Chengdu Spaceon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Chengdu Spaceon
The main advantage of trading using opposite Keda Clean and Chengdu Spaceon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Chengdu Spaceon 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 Chengdu Spaceon will offset losses from the drop in Chengdu Spaceon's long position.| Keda Clean vs. Industrial and Commercial | Keda Clean vs. Kweichow Moutai Co | Keda Clean vs. Agricultural Bank of | Keda Clean vs. China Mobile Limited |
| Chengdu Spaceon vs. Gem Year Industrial Co | Chengdu Spaceon vs. Huafa Industrial Co | Chengdu Spaceon vs. Jiangxi Selon Industrial | Chengdu Spaceon 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |