Correlation Between Kingclean Electric and Hua Xia
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By analyzing existing cross correlation between Kingclean Electric Co and Hua Xia Bank, you can compare the effects of market volatilities on Kingclean Electric and Hua Xia 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 Hua Xia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingclean Electric and Hua Xia.
Diversification Opportunities for Kingclean Electric and Hua Xia
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Kingclean and Hua is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Kingclean Electric Co and Hua Xia Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hua Xia Bank 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 Hua Xia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hua Xia Bank has no effect on the direction of Kingclean Electric i.e., Kingclean Electric and Hua Xia go up and down completely randomly.
Pair Corralation between Kingclean Electric and Hua Xia
Assuming the 90 days trading horizon Kingclean Electric Co is expected to generate 1.86 times more return on investment than Hua Xia. However, Kingclean Electric is 1.86 times more volatile than Hua Xia Bank. It trades about 0.1 of its potential returns per unit of risk. Hua Xia Bank is currently generating about -0.04 per unit of risk. If you would invest 2,243 in Kingclean Electric Co on November 5, 2024 and sell it today you would earn a total of 76.00 from holding Kingclean Electric Co or generate 3.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingclean Electric Co vs. Hua Xia Bank
Performance |
| Timeline |
| Kingclean Electric |
| Hua Xia Bank |
Kingclean Electric and Hua Xia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingclean Electric and Hua Xia
The main advantage of trading using opposite Kingclean Electric and Hua Xia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingclean Electric position performs unexpectedly, Hua Xia 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 Hua Xia will offset losses from the drop in Hua Xia's long position.| Kingclean Electric vs. Quectel Wireless Solutions | Kingclean Electric vs. ROPEOK Technology Group | Kingclean Electric vs. Iat Automobile Technology | Kingclean Electric vs. Anhui Jianghuai Automobile |
| Hua Xia vs. Industrial and Commercial | Hua Xia vs. Kweichow Moutai Co | Hua Xia vs. Agricultural Bank of | Hua Xia vs. China Mobile Limited |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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