Correlation Between Keda Clean and Cinda Securities
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By analyzing existing cross correlation between Keda Clean Energy and Cinda Securities Co, you can compare the effects of market volatilities on Keda Clean and Cinda Securities 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 Cinda Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Cinda Securities.
Diversification Opportunities for Keda Clean and Cinda Securities
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Keda and Cinda is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Cinda Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cinda Securities 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 Cinda Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cinda Securities has no effect on the direction of Keda Clean i.e., Keda Clean and Cinda Securities go up and down completely randomly.
Pair Corralation between Keda Clean and Cinda Securities
Assuming the 90 days trading horizon Keda Clean Energy is expected to generate 0.62 times more return on investment than Cinda Securities. However, Keda Clean Energy is 1.6 times less risky than Cinda Securities. It trades about -0.15 of its potential returns per unit of risk. Cinda Securities Co is currently generating about -0.15 per unit of risk. If you would invest 840.00 in Keda Clean Energy on October 10, 2024 and sell it today you would lose (43.00) from holding Keda Clean Energy or give up 5.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Cinda Securities Co
Performance |
| Timeline |
| Keda Clean Energy |
| Cinda Securities |
Keda Clean and Cinda Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Cinda Securities
The main advantage of trading using opposite Keda Clean and Cinda Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Cinda Securities 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 Cinda Securities will offset losses from the drop in Cinda Securities' long position.| Keda Clean vs. Shanghai Newtouch Software | Keda Clean vs. Digiwin Software Co | Keda Clean vs. Northern United Publishing | Keda Clean vs. Glodon Software Co |
| Cinda Securities vs. Xingguang Agricultural Mach | Cinda Securities vs. Hongrun Construction Group | Cinda Securities vs. Qijing Machinery | Cinda Securities vs. Lutian Machinery 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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