Correlation Between Keeson Technology and Datang HuaYin
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By analyzing existing cross correlation between Keeson Technology Corp and Datang HuaYin Electric, you can compare the effects of market volatilities on Keeson Technology and Datang HuaYin 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 Datang HuaYin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Datang HuaYin.
Diversification Opportunities for Keeson Technology and Datang HuaYin
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Keeson and Datang is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Datang HuaYin Electric in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Datang HuaYin Electric 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 Datang HuaYin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Datang HuaYin Electric has no effect on the direction of Keeson Technology i.e., Keeson Technology and Datang HuaYin go up and down completely randomly.
Pair Corralation between Keeson Technology and Datang HuaYin
Assuming the 90 days trading horizon Keeson Technology Corp is expected to under-perform the Datang HuaYin. But the stock apears to be less risky and, when comparing its historical volatility, Keeson Technology Corp is 1.09 times less risky than Datang HuaYin. The stock trades about 0.0 of its potential returns per unit of risk. The Datang HuaYin Electric is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 343.00 in Datang HuaYin Electric on September 1, 2024 and sell it today you would lose (3.00) from holding Datang HuaYin Electric or give up 0.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Datang HuaYin Electric
Performance |
| Timeline |
| Keeson Technology Corp |
| Datang HuaYin Electric |
Keeson Technology and Datang HuaYin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Datang HuaYin
The main advantage of trading using opposite Keeson Technology and Datang HuaYin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Datang HuaYin 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 Datang HuaYin will offset losses from the drop in Datang HuaYin's long position.| Keeson Technology vs. Youyou Foods Co | Keeson Technology vs. HaiXin Foods Co | Keeson Technology vs. Nexchip Semiconductor Corp | Keeson Technology vs. Anhui Gujing Distillery |
| Datang HuaYin vs. Chengdu Kanghua Biological | Datang HuaYin vs. Beijing Wantai Biological | Datang HuaYin vs. Suzhou Novoprotein Scientific | Datang HuaYin vs. Aluminum Corp of |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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