Correlation Between Air China and Keeson Technology
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By analyzing existing cross correlation between Air China Ltd and Keeson Technology Corp, you can compare the effects of market volatilities on Air China 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 Air China with a short position of Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Air China and Keeson Technology.
Diversification Opportunities for Air China and Keeson Technology
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Air and Keeson is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Air China Ltd 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 Air China 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 Air China Ltd 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 Air China i.e., Air China and Keeson Technology go up and down completely randomly.
Pair Corralation between Air China and Keeson Technology
Assuming the 90 days trading horizon Air China is expected to generate 3.64 times less return on investment than Keeson Technology. But when comparing it to its historical volatility, Air China Ltd is 1.25 times less risky than Keeson Technology. It trades about 0.09 of its potential returns per unit of risk. Keeson Technology Corp is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 998.00 in Keeson Technology Corp on September 20, 2024 and sell it today you would earn a total of 172.00 from holding Keeson Technology Corp or generate 17.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Air China Ltd vs. Keeson Technology Corp
Performance |
| Timeline |
| Air China |
| Keeson Technology Corp |
Air China and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Air China and Keeson Technology
The main advantage of trading using opposite Air China and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Air China 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.| Air China vs. China State Construction | Air China vs. Poly Real Estate | Air China vs. China Vanke Co | Air China vs. China Merchants Shekou |
| Keeson Technology vs. Gansu Huangtai Wine marketing | Keeson Technology vs. Air China Ltd | Keeson Technology vs. Sunwave Communications Co | Keeson Technology vs. Sichuan Jinshi Technology |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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