Correlation Between Keeson Technology and Chongqing Brewery
Specify exactly 2 symbols:
By analyzing existing cross correlation between Keeson Technology Corp and Chongqing Brewery Co, you can compare the effects of market volatilities on Keeson Technology and Chongqing Brewery 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 Chongqing Brewery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Chongqing Brewery.
Diversification Opportunities for Keeson Technology and Chongqing Brewery
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Keeson and Chongqing is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Chongqing Brewery Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Brewery 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 Chongqing Brewery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Brewery has no effect on the direction of Keeson Technology i.e., Keeson Technology and Chongqing Brewery go up and down completely randomly.
Pair Corralation between Keeson Technology and Chongqing Brewery
Assuming the 90 days trading horizon Keeson Technology Corp is expected to generate 1.22 times more return on investment than Chongqing Brewery. However, Keeson Technology is 1.22 times more volatile than Chongqing Brewery Co. It trades about 0.0 of its potential returns per unit of risk. Chongqing Brewery Co is currently generating about 0.0 per unit of risk. If you would invest 1,249 in Keeson Technology Corp on September 14, 2024 and sell it today you would lose (146.00) from holding Keeson Technology Corp or give up 11.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Chongqing Brewery Co
Performance |
| Timeline |
| Keeson Technology Corp |
| Chongqing Brewery |
Keeson Technology and Chongqing Brewery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Chongqing Brewery
The main advantage of trading using opposite Keeson Technology and Chongqing Brewery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Chongqing Brewery 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 Chongqing Brewery will offset losses from the drop in Chongqing Brewery's long position.| Keeson Technology vs. Lutian Machinery Co | Keeson Technology vs. China Longyuan Power | Keeson Technology vs. PetroChina Co Ltd | Keeson Technology vs. Bank of China |
| Chongqing Brewery vs. Jiaozuo Wanfang Aluminum | Chongqing Brewery vs. Keeson Technology Corp | Chongqing Brewery vs. Iat Automobile Technology | Chongqing Brewery vs. Holitech Technology Co |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |