Correlation Between Datang HuaYin and Keeson Technology
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By analyzing existing cross correlation between Datang HuaYin Electric and Keeson Technology Corp, you can compare the effects of market volatilities on Datang HuaYin and Keeson Technology 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 Datang HuaYin with a short position of Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Datang HuaYin and Keeson Technology.
Diversification Opportunities for Datang HuaYin and Keeson Technology
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Datang and Keeson is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Datang HuaYin Electric and Keeson Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keeson Technology Corp and Datang HuaYin 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 Datang HuaYin Electric are associated (or correlated) with Keeson Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keeson Technology Corp has no effect on the direction of Datang HuaYin i.e., Datang HuaYin and Keeson Technology go up and down completely randomly.
Pair Corralation between Datang HuaYin and Keeson Technology
Assuming the 90 days trading horizon Datang HuaYin is expected to generate 2.48 times less return on investment than Keeson Technology. But when comparing it to its historical volatility, Datang HuaYin Electric is 3.28 times less risky than Keeson Technology. It trades about 0.22 of its potential returns per unit of risk. Keeson Technology Corp is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 1,114 in Keeson Technology Corp on November 27, 2024 and sell it today you would earn a total of 88.00 from holding Keeson Technology Corp or generate 7.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Datang HuaYin Electric vs. Keeson Technology Corp
Performance |
| Timeline |
| Datang HuaYin Electric |
| Keeson Technology Corp |
Datang HuaYin and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Datang HuaYin and Keeson Technology
The main advantage of trading using opposite Datang HuaYin and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Datang HuaYin position performs unexpectedly, Keeson Technology 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 Keeson Technology will offset losses from the drop in Keeson Technology's long position.| Datang HuaYin vs. Kontour Medical Technology | Datang HuaYin vs. Duzhe Publishing Media | Datang HuaYin vs. Eyebright Medical Technology | Datang HuaYin vs. Xian International Medical |
| Keeson Technology vs. Porton Fine Chemicals | Keeson Technology vs. Jiangxi Sunshine Dairy | Keeson Technology vs. Shandong Rike Chemical | Keeson Technology vs. Springsnow Food Group |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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