Correlation Between Keda Clean and Chahua Modern
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By analyzing existing cross correlation between Keda Clean Energy and Chahua Modern Housewares, you can compare the effects of market volatilities on Keda Clean and Chahua Modern 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 Chahua Modern. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Chahua Modern.
Diversification Opportunities for Keda Clean and Chahua Modern
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Keda and Chahua is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Chahua Modern Housewares in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chahua Modern Housewares 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 Chahua Modern. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chahua Modern Housewares has no effect on the direction of Keda Clean i.e., Keda Clean and Chahua Modern go up and down completely randomly.
Pair Corralation between Keda Clean and Chahua Modern
Assuming the 90 days trading horizon Keda Clean Energy is expected to generate 0.39 times more return on investment than Chahua Modern. However, Keda Clean Energy is 2.59 times less risky than Chahua Modern. It trades about 0.0 of its potential returns per unit of risk. Chahua Modern Housewares is currently generating about -0.01 per unit of risk. If you would invest 804.00 in Keda Clean Energy on October 17, 2024 and sell it today you would lose (2.00) from holding Keda Clean Energy or give up 0.25% 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. Chahua Modern Housewares
Performance |
| Timeline |
| Keda Clean Energy |
| Chahua Modern Housewares |
Keda Clean and Chahua Modern Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Chahua Modern
The main advantage of trading using opposite Keda Clean and Chahua Modern positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Chahua Modern 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 Chahua Modern will offset losses from the drop in Chahua Modern's long position.| Keda Clean vs. Xiangyang Automobile Bearing | Keda Clean vs. ButOne Information Corp | Keda Clean vs. Fibocom Wireless | Keda Clean vs. Hangzhou Gisway Information |
| Chahua Modern vs. Sichuan Hebang Biotechnology | Chahua Modern vs. Shaanxi Meineng Clean | Chahua Modern vs. Keda Clean Energy | Chahua Modern vs. Fujian Wanchen Biotechnology |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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