Correlation Between Kingclean Electric and Jiangsu Xinri
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By analyzing existing cross correlation between Kingclean Electric Co and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Kingclean Electric and Jiangsu Xinri 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 Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingclean Electric and Jiangsu Xinri.
Diversification Opportunities for Kingclean Electric and Jiangsu Xinri
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Kingclean and Jiangsu is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Kingclean Electric Co and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E 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 Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Kingclean Electric i.e., Kingclean Electric and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Kingclean Electric and Jiangsu Xinri
Assuming the 90 days trading horizon Kingclean Electric Co is expected to generate 0.8 times more return on investment than Jiangsu Xinri. However, Kingclean Electric Co is 1.25 times less risky than Jiangsu Xinri. It trades about -0.02 of its potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about -0.04 per unit of risk. If you would invest 3,022 in Kingclean Electric Co on October 16, 2024 and sell it today you would lose (851.00) from holding Kingclean Electric Co or give up 28.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingclean Electric Co vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Kingclean Electric |
| Jiangsu Xinri E |
Kingclean Electric and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingclean Electric and Jiangsu Xinri
The main advantage of trading using opposite Kingclean Electric and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingclean Electric position performs unexpectedly, Jiangsu Xinri 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 Jiangsu Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Kingclean Electric vs. Guangdong Wens Foodstuff | Kingclean Electric vs. Anji Foodstuff Co | Kingclean Electric vs. Dymatic Chemicals | Kingclean Electric vs. Jiahe Foods Industry |
| Jiangsu Xinri vs. Kingclean Electric Co | Jiangsu Xinri vs. Orinko Advanced Plastics | Jiangsu Xinri vs. Western Metal Materials | Jiangsu Xinri vs. Keda Clean Energy |
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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