Correlation Between Keda Clean and Yuanjie Semiconductor
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By analyzing existing cross correlation between Keda Clean Energy and Yuanjie Semiconductor Technology, you can compare the effects of market volatilities on Keda Clean and Yuanjie Semiconductor 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 Yuanjie Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Yuanjie Semiconductor.
Diversification Opportunities for Keda Clean and Yuanjie Semiconductor
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Keda and Yuanjie is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Yuanjie Semiconductor Technolo in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yuanjie Semiconductor 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 Yuanjie Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yuanjie Semiconductor has no effect on the direction of Keda Clean i.e., Keda Clean and Yuanjie Semiconductor go up and down completely randomly.
Pair Corralation between Keda Clean and Yuanjie Semiconductor
Assuming the 90 days trading horizon Keda Clean is expected to generate 7.45 times less return on investment than Yuanjie Semiconductor. But when comparing it to its historical volatility, Keda Clean Energy is 2.58 times less risky than Yuanjie Semiconductor. It trades about 0.05 of its potential returns per unit of risk. Yuanjie Semiconductor Technology is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 13,559 in Yuanjie Semiconductor Technology on October 20, 2024 and sell it today you would earn a total of 1,339 from holding Yuanjie Semiconductor Technology or generate 9.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Yuanjie Semiconductor Technolo
Performance |
| Timeline |
| Keda Clean Energy |
| Yuanjie Semiconductor |
Keda Clean and Yuanjie Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Yuanjie Semiconductor
The main advantage of trading using opposite Keda Clean and Yuanjie Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Yuanjie Semiconductor 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 Yuanjie Semiconductor will offset losses from the drop in Yuanjie Semiconductor's long position.| Keda Clean vs. Yuanjie Semiconductor Technology | Keda Clean vs. Mengtian Home Group | Keda Clean vs. Luolai Home Textile | Keda Clean vs. Ningbo Homelink Eco iTech |
| Yuanjie Semiconductor vs. Ningbo Jintian Copper | Yuanjie Semiconductor vs. De Rucci Healthy | Yuanjie Semiconductor vs. Pengxin International Mining | Yuanjie Semiconductor vs. Xinjiang Baodi Mining |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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