Correlation Between Keda Clean and RoadMain T
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By analyzing existing cross correlation between Keda Clean Energy and RoadMain T Co, you can compare the effects of market volatilities on Keda Clean and RoadMain T 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 RoadMain T. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and RoadMain T.
Diversification Opportunities for Keda Clean and RoadMain T
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Keda and RoadMain is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and RoadMain T Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RoadMain T 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 RoadMain T. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RoadMain T has no effect on the direction of Keda Clean i.e., Keda Clean and RoadMain T go up and down completely randomly.
Pair Corralation between Keda Clean and RoadMain T
Assuming the 90 days trading horizon Keda Clean Energy is expected to generate 0.86 times more return on investment than RoadMain T. However, Keda Clean Energy is 1.16 times less risky than RoadMain T. It trades about 0.08 of its potential returns per unit of risk. RoadMain T Co is currently generating about -0.32 per unit of risk. If you would invest 816.00 in Keda Clean Energy on August 28, 2024 and sell it today you would earn a total of 25.00 from holding Keda Clean Energy or generate 3.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. RoadMain T Co
Performance |
| Timeline |
| Keda Clean Energy |
| RoadMain T |
Keda Clean and RoadMain T Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and RoadMain T
The main advantage of trading using opposite Keda Clean and RoadMain T positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, RoadMain T 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 RoadMain T will offset losses from the drop in RoadMain T's long position.| Keda Clean vs. Biwin Storage Technology | Keda Clean vs. PetroChina Co Ltd | Keda Clean vs. Industrial and Commercial | Keda Clean vs. China Construction Bank |
| RoadMain T vs. Agricultural Bank of | RoadMain T vs. Industrial and Commercial | RoadMain T vs. Bank of China | RoadMain T vs. China Construction Bank |
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 CEOs Directory module to screen CEOs from public companies around the world.
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