Correlation Between China Publishing and Keli Sensing
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By analyzing existing cross correlation between China Publishing Media and Keli Sensing Technology, you can compare the effects of market volatilities on China Publishing and Keli Sensing 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 China Publishing with a short position of Keli Sensing. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Keli Sensing.
Diversification Opportunities for China Publishing and Keli Sensing
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Keli is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Keli Sensing Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keli Sensing Technology and China Publishing 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 China Publishing Media are associated (or correlated) with Keli Sensing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keli Sensing Technology has no effect on the direction of China Publishing i.e., China Publishing and Keli Sensing go up and down completely randomly.
Pair Corralation between China Publishing and Keli Sensing
Assuming the 90 days trading horizon China Publishing is expected to generate 1.84 times less return on investment than Keli Sensing. But when comparing it to its historical volatility, China Publishing Media is 1.06 times less risky than Keli Sensing. It trades about 0.05 of its potential returns per unit of risk. Keli Sensing Technology is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,659 in Keli Sensing Technology on September 3, 2024 and sell it today you would earn a total of 3,445 from holding Keli Sensing Technology or generate 207.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Keli Sensing Technology
Performance |
| Timeline |
| China Publishing Media |
| Keli Sensing Technology |
China Publishing and Keli Sensing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Keli Sensing
The main advantage of trading using opposite China Publishing and Keli Sensing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Keli Sensing 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 Keli Sensing will offset losses from the drop in Keli Sensing's long position.| China Publishing vs. China Railway Construction | China Publishing vs. Lutian Machinery Co | China Publishing vs. Anhui Huilong Agricultural | China Publishing vs. Yingde Greatchem Chemicals |
| Keli Sensing vs. Zhongtong Guomai Communication | Keli Sensing vs. Anhui Fuhuang Steel | Keli Sensing vs. Jonjee Hi tech Industrial | Keli Sensing vs. Dongjiang Environmental Co |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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