Correlation Between Shandong Sinoglory and Kingclean Electric
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By analyzing existing cross correlation between Shandong Sinoglory Health and Kingclean Electric Co, you can compare the effects of market volatilities on Shandong Sinoglory and Kingclean Electric 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 Shandong Sinoglory with a short position of Kingclean Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Sinoglory and Kingclean Electric.
Diversification Opportunities for Shandong Sinoglory and Kingclean Electric
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shandong and Kingclean is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Sinoglory Health and Kingclean Electric Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingclean Electric and Shandong Sinoglory 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 Shandong Sinoglory Health are associated (or correlated) with Kingclean Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingclean Electric has no effect on the direction of Shandong Sinoglory i.e., Shandong Sinoglory and Kingclean Electric go up and down completely randomly.
Pair Corralation between Shandong Sinoglory and Kingclean Electric
Assuming the 90 days trading horizon Shandong Sinoglory Health is expected to generate 1.04 times more return on investment than Kingclean Electric. However, Shandong Sinoglory is 1.04 times more volatile than Kingclean Electric Co. It trades about 0.07 of its potential returns per unit of risk. Kingclean Electric Co is currently generating about 0.05 per unit of risk. If you would invest 1,026 in Shandong Sinoglory Health on November 3, 2024 and sell it today you would earn a total of 172.00 from holding Shandong Sinoglory Health or generate 16.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Sinoglory Health vs. Kingclean Electric Co
Performance |
| Timeline |
| Shandong Sinoglory Health |
| Kingclean Electric |
Shandong Sinoglory and Kingclean Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Sinoglory and Kingclean Electric
The main advantage of trading using opposite Shandong Sinoglory and Kingclean Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Sinoglory position performs unexpectedly, Kingclean Electric 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 Kingclean Electric will offset losses from the drop in Kingclean Electric's long position.| Shandong Sinoglory vs. Weihai Honglin Electronic | Shandong Sinoglory vs. Guangdong Qunxing Toys | Shandong Sinoglory vs. Nantong Haixing Electronics | Shandong Sinoglory vs. Guangdong Ellington Electronics |
| Kingclean Electric vs. APT Medical | Kingclean Electric vs. BrightGene Bio Medical | Kingclean Electric vs. Allmed Medical Products | Kingclean Electric vs. Allgens Medical 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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