Correlation Between Hainan Mining and Keeson Technology
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By analyzing existing cross correlation between Hainan Mining Co and Keeson Technology Corp, you can compare the effects of market volatilities on Hainan Mining 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 Hainan Mining with a short position of Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Mining and Keeson Technology.
Diversification Opportunities for Hainan Mining and Keeson Technology
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hainan and Keeson is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Mining Co 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 Hainan Mining 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 Hainan Mining Co 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 Hainan Mining i.e., Hainan Mining and Keeson Technology go up and down completely randomly.
Pair Corralation between Hainan Mining and Keeson Technology
Assuming the 90 days trading horizon Hainan Mining Co is expected to generate 0.91 times more return on investment than Keeson Technology. However, Hainan Mining Co is 1.1 times less risky than Keeson Technology. It trades about 0.04 of its potential returns per unit of risk. Keeson Technology Corp is currently generating about 0.01 per unit of risk. If you would invest 613.00 in Hainan Mining Co on September 1, 2024 and sell it today you would earn a total of 90.00 from holding Hainan Mining Co or generate 14.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Mining Co vs. Keeson Technology Corp
Performance |
| Timeline |
| Hainan Mining |
| Keeson Technology Corp |
Hainan Mining and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Mining and Keeson Technology
The main advantage of trading using opposite Hainan Mining and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Mining 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.| Hainan Mining vs. Zijin Mining Group | Hainan Mining vs. Wanhua Chemical Group | Hainan Mining vs. Baoshan Iron Steel | Hainan Mining vs. Shandong Gold Mining |
| Keeson Technology vs. Youyou Foods Co | Keeson Technology vs. HaiXin Foods Co | Keeson Technology vs. Nexchip Semiconductor Corp | Keeson Technology vs. Anhui Gujing Distillery |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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