Correlation Between Keeson Technology and Shenzhen MYS
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By analyzing existing cross correlation between Keeson Technology Corp and Shenzhen MYS Environmental, you can compare the effects of market volatilities on Keeson Technology and Shenzhen MYS 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 Shenzhen MYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Shenzhen MYS.
Diversification Opportunities for Keeson Technology and Shenzhen MYS
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Keeson and Shenzhen is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Shenzhen MYS Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen MYS Environ 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 Shenzhen MYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen MYS Environ has no effect on the direction of Keeson Technology i.e., Keeson Technology and Shenzhen MYS go up and down completely randomly.
Pair Corralation between Keeson Technology and Shenzhen MYS
Assuming the 90 days trading horizon Keeson Technology is expected to generate 4.18 times less return on investment than Shenzhen MYS. But when comparing it to its historical volatility, Keeson Technology Corp is 1.0 times less risky than Shenzhen MYS. It trades about 0.01 of its potential returns per unit of risk. Shenzhen MYS Environmental is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 275.00 in Shenzhen MYS Environmental on September 20, 2024 and sell it today you would earn a total of 98.00 from holding Shenzhen MYS Environmental or generate 35.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Shenzhen MYS Environmental
Performance |
| Timeline |
| Keeson Technology Corp |
| Shenzhen MYS Environ |
Keeson Technology and Shenzhen MYS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Shenzhen MYS
The main advantage of trading using opposite Keeson Technology and Shenzhen MYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Shenzhen MYS 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 Shenzhen MYS will offset losses from the drop in Shenzhen MYS's long position.| Keeson Technology vs. Gansu Huangtai Wine marketing | Keeson Technology vs. Air China Ltd | Keeson Technology vs. Sunwave Communications Co | Keeson Technology vs. Sichuan Jinshi Technology |
| Shenzhen MYS vs. Soyea Technology Co | Shenzhen MYS vs. Keeson Technology Corp | Shenzhen MYS vs. Will Semiconductor Co | Shenzhen MYS 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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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