Correlation Between Keda Clean and Tinavi Medical
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By analyzing existing cross correlation between Keda Clean Energy and Tinavi Medical Technologies, you can compare the effects of market volatilities on Keda Clean and Tinavi Medical 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 Tinavi Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Tinavi Medical.
Diversification Opportunities for Keda Clean and Tinavi Medical
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Keda and Tinavi is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Tinavi Medical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tinavi Medical Techn 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 Tinavi Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tinavi Medical Techn has no effect on the direction of Keda Clean i.e., Keda Clean and Tinavi Medical go up and down completely randomly.
Pair Corralation between Keda Clean and Tinavi Medical
Assuming the 90 days trading horizon Keda Clean is expected to generate 2.77 times less return on investment than Tinavi Medical. But when comparing it to its historical volatility, Keda Clean Energy is 1.78 times less risky than Tinavi Medical. It trades about 0.07 of its potential returns per unit of risk. Tinavi Medical Technologies is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 694.00 in Tinavi Medical Technologies on November 2, 2024 and sell it today you would earn a total of 293.00 from holding Tinavi Medical Technologies or generate 42.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Tinavi Medical Technologies
Performance |
| Timeline |
| Keda Clean Energy |
| Tinavi Medical Techn |
Keda Clean and Tinavi Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Tinavi Medical
The main advantage of trading using opposite Keda Clean and Tinavi Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Tinavi Medical 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 Tinavi Medical will offset losses from the drop in Tinavi Medical's long position.| Keda Clean vs. Youyou Foods Co | Keda Clean vs. Great Sun Foods Co | Keda Clean vs. Guangdong Wens Foodstuff | Keda Clean vs. Anji Foodstuff Co |
| Tinavi Medical vs. Agricultural Bank of | Tinavi Medical vs. Industrial and Commercial | Tinavi Medical vs. Bank of China | Tinavi Medical 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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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