Correlation Between Kingclean Electric and HaiXin Foods
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kingclean Electric Co and HaiXin Foods Co, you can compare the effects of market volatilities on Kingclean Electric and HaiXin Foods 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 Kingclean Electric with a short position of HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingclean Electric and HaiXin Foods.
Diversification Opportunities for Kingclean Electric and HaiXin Foods
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kingclean and HaiXin is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Kingclean Electric Co and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods and Kingclean Electric 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 Kingclean Electric Co are associated (or correlated) with HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Kingclean Electric i.e., Kingclean Electric and HaiXin Foods go up and down completely randomly.
Pair Corralation between Kingclean Electric and HaiXin Foods
Assuming the 90 days trading horizon Kingclean Electric Co is expected to under-perform the HaiXin Foods. But the stock apears to be less risky and, when comparing its historical volatility, Kingclean Electric Co is 1.27 times less risky than HaiXin Foods. The stock trades about -0.01 of its potential returns per unit of risk. The HaiXin Foods Co is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 648.00 in HaiXin Foods Co on September 12, 2024 and sell it today you would lose (112.00) from holding HaiXin Foods Co or give up 17.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingclean Electric Co vs. HaiXin Foods Co
Performance |
| Timeline |
| Kingclean Electric |
| HaiXin Foods |
Kingclean Electric and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingclean Electric and HaiXin Foods
The main advantage of trading using opposite Kingclean Electric and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingclean Electric position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Kingclean Electric vs. HaiXin Foods Co | Kingclean Electric vs. Cicc Fund Management | Kingclean Electric vs. Shanghai Ziyan Foods | Kingclean Electric vs. Ligao Foods CoLtd |
| HaiXin Foods vs. China Petroleum Chemical | HaiXin Foods vs. PetroChina Co Ltd | HaiXin Foods vs. China State Construction | HaiXin Foods vs. China Railway Group |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |