Correlation Between Keeson Technology and Shaanxi Energy
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By analyzing existing cross correlation between Keeson Technology Corp and Shaanxi Energy Investment, you can compare the effects of market volatilities on Keeson Technology and Shaanxi Energy 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 Keeson Technology with a short position of Shaanxi Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Shaanxi Energy.
Diversification Opportunities for Keeson Technology and Shaanxi Energy
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Keeson and Shaanxi is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Shaanxi Energy Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shaanxi Energy Investment and Keeson Technology 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 Keeson Technology Corp are associated (or correlated) with Shaanxi Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shaanxi Energy Investment has no effect on the direction of Keeson Technology i.e., Keeson Technology and Shaanxi Energy go up and down completely randomly.
Pair Corralation between Keeson Technology and Shaanxi Energy
Assuming the 90 days trading horizon Keeson Technology Corp is expected to generate 6.31 times more return on investment than Shaanxi Energy. However, Keeson Technology is 6.31 times more volatile than Shaanxi Energy Investment. It trades about -0.02 of its potential returns per unit of risk. Shaanxi Energy Investment is currently generating about -0.48 per unit of risk. If you would invest 1,105 in Keeson Technology Corp on October 15, 2024 and sell it today you would lose (66.00) from holding Keeson Technology Corp or give up 5.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Shaanxi Energy Investment
Performance |
| Timeline |
| Keeson Technology Corp |
| Shaanxi Energy Investment |
Keeson Technology and Shaanxi Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Shaanxi Energy
The main advantage of trading using opposite Keeson Technology and Shaanxi Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Shaanxi Energy 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 Shaanxi Energy will offset losses from the drop in Shaanxi Energy's long position.| Keeson Technology vs. Harbin Hatou Investment | Keeson Technology vs. Shenzhen Centralcon Investment | Keeson Technology vs. Chengdu Xingrong Investment | Keeson Technology vs. Tieling Newcity Investment |
| Shaanxi Energy vs. Shuhua Sports Co | Shaanxi Energy vs. Guangzhou KDT Machinery | Shaanxi Energy vs. GUOMAI Culture Media | Shaanxi Energy vs. Sportsoul Co Ltd |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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