Correlation Between Kingclean Electric and JuneYao Dairy
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By analyzing existing cross correlation between Kingclean Electric Co and JuneYao Dairy Co, you can compare the effects of market volatilities on Kingclean Electric and JuneYao Dairy 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 JuneYao Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingclean Electric and JuneYao Dairy.
Diversification Opportunities for Kingclean Electric and JuneYao Dairy
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Kingclean and JuneYao is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Kingclean Electric Co and JuneYao Dairy Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JuneYao Dairy 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 JuneYao Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JuneYao Dairy has no effect on the direction of Kingclean Electric i.e., Kingclean Electric and JuneYao Dairy go up and down completely randomly.
Pair Corralation between Kingclean Electric and JuneYao Dairy
Assuming the 90 days trading horizon Kingclean Electric is expected to generate 2.64 times less return on investment than JuneYao Dairy. But when comparing it to its historical volatility, Kingclean Electric Co is 4.26 times less risky than JuneYao Dairy. It trades about 0.12 of its potential returns per unit of risk. JuneYao Dairy Co is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 604.00 in JuneYao Dairy Co on September 27, 2024 and sell it today you would earn a total of 34.00 from holding JuneYao Dairy Co or generate 5.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingclean Electric Co vs. JuneYao Dairy Co
Performance |
| Timeline |
| Kingclean Electric |
| JuneYao Dairy |
Kingclean Electric and JuneYao Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingclean Electric and JuneYao Dairy
The main advantage of trading using opposite Kingclean Electric and JuneYao Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingclean Electric position performs unexpectedly, JuneYao Dairy 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 JuneYao Dairy will offset losses from the drop in JuneYao Dairy's long position.| Kingclean Electric vs. Cultural Investment Holdings | Kingclean Electric vs. China Railway Construction | Kingclean Electric vs. Postal Savings Bank | Kingclean Electric vs. Sinomach General Machinery |
| JuneYao Dairy vs. Semiconductor Manufacturing Electronics | JuneYao Dairy vs. Everjoy Health Group | JuneYao Dairy vs. Humanwell Healthcare Group | JuneYao Dairy vs. Kingclean Electric Co |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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