Correlation Between Keeson Technology and Cangzhou Mingzhu
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By analyzing existing cross correlation between Keeson Technology Corp and Cangzhou Mingzhu Plastic, you can compare the effects of market volatilities on Keeson Technology and Cangzhou Mingzhu 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 Cangzhou Mingzhu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Cangzhou Mingzhu.
Diversification Opportunities for Keeson Technology and Cangzhou Mingzhu
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Keeson and Cangzhou is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Cangzhou Mingzhu Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cangzhou Mingzhu Plastic 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 Cangzhou Mingzhu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cangzhou Mingzhu Plastic has no effect on the direction of Keeson Technology i.e., Keeson Technology and Cangzhou Mingzhu go up and down completely randomly.
Pair Corralation between Keeson Technology and Cangzhou Mingzhu
Assuming the 90 days trading horizon Keeson Technology Corp is expected to generate 2.76 times more return on investment than Cangzhou Mingzhu. However, Keeson Technology is 2.76 times more volatile than Cangzhou Mingzhu Plastic. It trades about -0.02 of its potential returns per unit of risk. Cangzhou Mingzhu Plastic is currently generating about -0.15 per unit of risk. If you would invest 1,135 in Keeson Technology Corp on October 24, 2024 and sell it today you would lose (47.00) from holding Keeson Technology Corp or give up 4.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Cangzhou Mingzhu Plastic
Performance |
| Timeline |
| Keeson Technology Corp |
| Cangzhou Mingzhu Plastic |
Keeson Technology and Cangzhou Mingzhu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Cangzhou Mingzhu
The main advantage of trading using opposite Keeson Technology and Cangzhou Mingzhu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Cangzhou Mingzhu 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 Cangzhou Mingzhu will offset losses from the drop in Cangzhou Mingzhu's long position.| Keeson Technology vs. Jiangsu Yanghe Brewery | Keeson Technology vs. Chongqing Brewery Co | Keeson Technology vs. Kingclean Electric Co | Keeson Technology vs. Shaanxi Meineng Clean |
| Cangzhou Mingzhu vs. Shanghai CEO Environmental | Cangzhou Mingzhu vs. Keeson Technology Corp | Cangzhou Mingzhu vs. Digiwin Software Co | Cangzhou Mingzhu vs. Harvest Fund Management |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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