Correlation Between Keda Clean and Shandong Publishing
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By analyzing existing cross correlation between Keda Clean Energy and Shandong Publishing Media, you can compare the effects of market volatilities on Keda Clean and Shandong Publishing 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 Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Shandong Publishing.
Diversification Opportunities for Keda Clean and Shandong Publishing
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Keda and Shandong is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing Media 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 Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of Keda Clean i.e., Keda Clean and Shandong Publishing go up and down completely randomly.
Pair Corralation between Keda Clean and Shandong Publishing
Assuming the 90 days trading horizon Keda Clean Energy is expected to under-perform the Shandong Publishing. But the stock apears to be less risky and, when comparing its historical volatility, Keda Clean Energy is 1.2 times less risky than Shandong Publishing. The stock trades about -0.04 of its potential returns per unit of risk. The Shandong Publishing Media is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 612.00 in Shandong Publishing Media on September 3, 2024 and sell it today you would earn a total of 453.00 from holding Shandong Publishing Media or generate 74.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Shandong Publishing Media
Performance |
| Timeline |
| Keda Clean Energy |
| Shandong Publishing Media |
Keda Clean and Shandong Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Shandong Publishing
The main advantage of trading using opposite Keda Clean and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Shandong Publishing 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 Shandong Publishing will offset losses from the drop in Shandong Publishing's long position.| Keda Clean vs. Zotye Automobile Co | Keda Clean vs. Guangzhou Haige Communications | Keda Clean vs. Eastern Communications Co | Keda Clean vs. Shanghai Broadband Technology |
| Shandong Publishing vs. Gansu Jiu Steel | Shandong Publishing vs. Ming Yang Smart | Shandong Publishing vs. Aba Chemicals Corp | Shandong Publishing 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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