Correlation Between Keda Clean and Touchstone International
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By analyzing existing cross correlation between Keda Clean Energy and Touchstone International Medical, you can compare the effects of market volatilities on Keda Clean and Touchstone International 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 Touchstone International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Touchstone International.
Diversification Opportunities for Keda Clean and Touchstone International
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Keda and Touchstone is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Touchstone International Medic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Touchstone International 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 Touchstone International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Touchstone International has no effect on the direction of Keda Clean i.e., Keda Clean and Touchstone International go up and down completely randomly.
Pair Corralation between Keda Clean and Touchstone International
Assuming the 90 days trading horizon Keda Clean Energy is expected to generate 0.94 times more return on investment than Touchstone International. However, Keda Clean Energy is 1.06 times less risky than Touchstone International. It trades about -0.15 of its potential returns per unit of risk. Touchstone International Medical is currently generating about -0.38 per unit of risk. If you would invest 848.00 in Keda Clean Energy on October 11, 2024 and sell it today you would lose (48.00) from holding Keda Clean Energy or give up 5.66% 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. Touchstone International Medic
Performance |
| Timeline |
| Keda Clean Energy |
| Touchstone International |
Keda Clean and Touchstone International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Touchstone International
The main advantage of trading using opposite Keda Clean and Touchstone International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Touchstone International 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 Touchstone International will offset losses from the drop in Touchstone International's long position.| Keda Clean vs. INKON Life Technology | Keda Clean vs. HUAQIN TECHNOLOGY LTD | Keda Clean vs. Gansu Huangtai Wine marketing | Keda Clean vs. Easyhome New Retail |
| Touchstone International vs. Songz Automobile Air | Touchstone International vs. Hubeiyichang Transportation Group | Touchstone International vs. Keda Clean Energy | Touchstone International vs. RoadMain T 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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