Correlation Between Keda Clean and Guangzhou Boji
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By analyzing existing cross correlation between Keda Clean Energy and Guangzhou Boji Medical, you can compare the effects of market volatilities on Keda Clean and Guangzhou Boji 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 Guangzhou Boji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Guangzhou Boji.
Diversification Opportunities for Keda Clean and Guangzhou Boji
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Keda and Guangzhou is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Guangzhou Boji Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Boji Medical 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 Guangzhou Boji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Boji Medical has no effect on the direction of Keda Clean i.e., Keda Clean and Guangzhou Boji go up and down completely randomly.
Pair Corralation between Keda Clean and Guangzhou Boji
Assuming the 90 days trading horizon Keda Clean Energy is expected to generate 0.85 times more return on investment than Guangzhou Boji. However, Keda Clean Energy is 1.17 times less risky than Guangzhou Boji. It trades about 0.05 of its potential returns per unit of risk. Guangzhou Boji Medical is currently generating about -0.18 per unit of risk. If you would invest 800.00 in Keda Clean Energy on October 31, 2024 and sell it today you would earn a total of 10.00 from holding Keda Clean Energy or generate 1.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Guangzhou Boji Medical
Performance |
| Timeline |
| Keda Clean Energy |
| Guangzhou Boji Medical |
Keda Clean and Guangzhou Boji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Guangzhou Boji
The main advantage of trading using opposite Keda Clean and Guangzhou Boji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Guangzhou Boji 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 Guangzhou Boji will offset losses from the drop in Guangzhou Boji's long position.| Keda Clean vs. Ningbo Ligong Online | Keda Clean vs. Ningbo Construction Co | Keda Clean vs. Masterwork Machinery | Keda Clean vs. Gifore Agricultural Machinery |
| Guangzhou Boji vs. Ningbo Homelink Eco iTech | Guangzhou Boji vs. Mengtian Home Group | Guangzhou Boji vs. Maxvision Technology Corp | Guangzhou Boji vs. Linewell Software 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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