Correlation Between Keeson Technology and Citic Guoan
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By analyzing existing cross correlation between Keeson Technology Corp and Citic Guoan Wine, you can compare the effects of market volatilities on Keeson Technology and Citic Guoan 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 Citic Guoan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Citic Guoan.
Diversification Opportunities for Keeson Technology and Citic Guoan
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Keeson and Citic is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Citic Guoan Wine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citic Guoan Wine 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 Citic Guoan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citic Guoan Wine has no effect on the direction of Keeson Technology i.e., Keeson Technology and Citic Guoan go up and down completely randomly.
Pair Corralation between Keeson Technology and Citic Guoan
Assuming the 90 days trading horizon Keeson Technology Corp is expected to generate 1.04 times more return on investment than Citic Guoan. However, Keeson Technology is 1.04 times more volatile than Citic Guoan Wine. It trades about 0.0 of its potential returns per unit of risk. Citic Guoan Wine is currently generating about -0.02 per unit of risk. If you would invest 1,271 in Keeson Technology Corp on October 11, 2024 and sell it today you would lose (140.00) from holding Keeson Technology Corp or give up 11.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Keeson Technology Corp vs. Citic Guoan Wine
Performance |
| Timeline |
| Keeson Technology Corp |
| Citic Guoan Wine |
Keeson Technology and Citic Guoan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Citic Guoan
The main advantage of trading using opposite Keeson Technology and Citic Guoan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Citic Guoan 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 Citic Guoan will offset losses from the drop in Citic Guoan'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 |
| Citic Guoan vs. Chongqing Shunbo Aluminum | Citic Guoan vs. Cultural Investment Holdings | Citic Guoan vs. Xiandai Investment Co | Citic Guoan vs. Jiaozuo Wanfang Aluminum |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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