Correlation Between Keda Clean and Zhongzhu Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Keda Clean Energy and Zhongzhu Medical Holdings, you can compare the effects of market volatilities on Keda Clean and Zhongzhu Medical 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 Zhongzhu Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Zhongzhu Medical.
Diversification Opportunities for Keda Clean and Zhongzhu Medical
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Keda and Zhongzhu is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Zhongzhu Medical Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongzhu Medical Holdings 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 Zhongzhu Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongzhu Medical Holdings has no effect on the direction of Keda Clean i.e., Keda Clean and Zhongzhu Medical go up and down completely randomly.
Pair Corralation between Keda Clean and Zhongzhu Medical
Assuming the 90 days trading horizon Keda Clean Energy is expected to under-perform the Zhongzhu Medical. In addition to that, Keda Clean is 1.02 times more volatile than Zhongzhu Medical Holdings. It trades about -0.04 of its total potential returns per unit of risk. Zhongzhu Medical Holdings is currently generating about -0.01 per unit of volatility. If you would invest 188.00 in Zhongzhu Medical Holdings on September 14, 2024 and sell it today you would lose (31.00) from holding Zhongzhu Medical Holdings or give up 16.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Zhongzhu Medical Holdings
Performance |
| Timeline |
| Keda Clean Energy |
| Zhongzhu Medical Holdings |
Keda Clean and Zhongzhu Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Zhongzhu Medical
The main advantage of trading using opposite Keda Clean and Zhongzhu Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Zhongzhu Medical 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 Zhongzhu Medical will offset losses from the drop in Zhongzhu Medical'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 |
| Zhongzhu Medical vs. Zhongtong Guomai Communication | Zhongzhu Medical vs. Changchun Faway Automobile | Zhongzhu Medical vs. Changchun UP Optotech | Zhongzhu Medical vs. Saurer Intelligent 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Stocks Directory Find actively traded stocks across global markets | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |