Correlation Between Eastern Air and Keda Clean
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By analyzing existing cross correlation between Eastern Air Logistics and Keda Clean Energy, you can compare the effects of market volatilities on Eastern Air and Keda Clean 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 Eastern Air with a short position of Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastern Air and Keda Clean.
Diversification Opportunities for Eastern Air and Keda Clean
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eastern and Keda is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Eastern Air Logistics and Keda Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keda Clean Energy and Eastern Air 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 Eastern Air Logistics are associated (or correlated) with Keda Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keda Clean Energy has no effect on the direction of Eastern Air i.e., Eastern Air and Keda Clean go up and down completely randomly.
Pair Corralation between Eastern Air and Keda Clean
Assuming the 90 days trading horizon Eastern Air Logistics is expected to under-perform the Keda Clean. In addition to that, Eastern Air is 1.82 times more volatile than Keda Clean Energy. It trades about -0.03 of its total potential returns per unit of risk. Keda Clean Energy is currently generating about 0.05 per unit of volatility. If you would invest 800.00 in Keda Clean Energy on October 30, 2024 and sell it today you would earn a total of 10.00 from holding Keda Clean Energy or generate 1.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastern Air Logistics vs. Keda Clean Energy
Performance |
| Timeline |
| Eastern Air Logistics |
| Keda Clean Energy |
Eastern Air and Keda Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastern Air and Keda Clean
The main advantage of trading using opposite Eastern Air and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastern Air position performs unexpectedly, Keda Clean 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 Keda Clean will offset losses from the drop in Keda Clean's long position.| Eastern Air vs. Everjoy Health Group | Eastern Air vs. Humanwell Healthcare Group | Eastern Air vs. Sanbo Hospital Management | Eastern Air vs. Harvest Fund Management |
| Keda Clean vs. City Development Environment | Keda Clean vs. Wuhan Hvsen Biotechnology | Keda Clean vs. Eit Environmental Development | Keda Clean vs. Shandong Iron and |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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