Correlation Between Keeson Technology and Panda Dairy
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By analyzing existing cross correlation between Keeson Technology Corp and Panda Dairy Corp, you can compare the effects of market volatilities on Keeson Technology and Panda 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 Keeson Technology with a short position of Panda Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Panda Dairy.
Diversification Opportunities for Keeson Technology and Panda Dairy
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Keeson and Panda is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Panda Dairy Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Panda Dairy Corp 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 Panda Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Panda Dairy Corp has no effect on the direction of Keeson Technology i.e., Keeson Technology and Panda Dairy go up and down completely randomly.
Pair Corralation between Keeson Technology and Panda Dairy
Assuming the 90 days trading horizon Keeson Technology Corp is expected to generate 1.29 times more return on investment than Panda Dairy. However, Keeson Technology is 1.29 times more volatile than Panda Dairy Corp. It trades about 0.0 of its potential returns per unit of risk. Panda Dairy Corp is currently generating about -0.41 per unit of risk. If you would invest 1,075 in Keeson Technology Corp on October 14, 2024 and sell it today you would lose (36.00) from holding Keeson Technology Corp or give up 3.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Panda Dairy Corp
Performance |
| Timeline |
| Keeson Technology Corp |
| Panda Dairy Corp |
Keeson Technology and Panda Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Panda Dairy
The main advantage of trading using opposite Keeson Technology and Panda Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Panda 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 Panda Dairy will offset losses from the drop in Panda Dairy'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 |
| Panda Dairy vs. Keeson Technology Corp | Panda Dairy vs. Tianjin Ruixin Technology | Panda Dairy vs. Longjian Road Bridge | Panda Dairy vs. Heilongjiang Transport Development |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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