Correlation Between Keeson Technology and Tianshan Aluminum
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By analyzing existing cross correlation between Keeson Technology Corp and Tianshan Aluminum Group, you can compare the effects of market volatilities on Keeson Technology and Tianshan Aluminum 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 Tianshan Aluminum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Tianshan Aluminum.
Diversification Opportunities for Keeson Technology and Tianshan Aluminum
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Keeson and Tianshan is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Tianshan Aluminum Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianshan Aluminum 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 Tianshan Aluminum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianshan Aluminum has no effect on the direction of Keeson Technology i.e., Keeson Technology and Tianshan Aluminum go up and down completely randomly.
Pair Corralation between Keeson Technology and Tianshan Aluminum
Assuming the 90 days trading horizon Keeson Technology is expected to generate 2.37 times less return on investment than Tianshan Aluminum. In addition to that, Keeson Technology is 1.16 times more volatile than Tianshan Aluminum Group. It trades about 0.0 of its total potential returns per unit of risk. Tianshan Aluminum Group is currently generating about 0.01 per unit of volatility. If you would invest 835.00 in Tianshan Aluminum Group on October 11, 2024 and sell it today you would lose (35.00) from holding Tianshan Aluminum Group or give up 4.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Tianshan Aluminum Group
Performance |
| Timeline |
| Keeson Technology Corp |
| Tianshan Aluminum |
Keeson Technology and Tianshan Aluminum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Tianshan Aluminum
The main advantage of trading using opposite Keeson Technology and Tianshan Aluminum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Tianshan Aluminum 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 Tianshan Aluminum will offset losses from the drop in Tianshan Aluminum's long position.| Keeson Technology vs. Kweichow Moutai Co | Keeson Technology vs. NAURA Technology Group | Keeson Technology vs. Zhejiang Orient Gene | Keeson Technology vs. APT Medical |
| Tianshan Aluminum vs. Linewell Software Co | Tianshan Aluminum vs. Jiujiang Shanshui Technology | Tianshan Aluminum vs. Keeson Technology Corp | Tianshan Aluminum vs. Ningbo Tip Rubber |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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