Correlation Between Keeson Technology and Eastern Air
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By analyzing existing cross correlation between Keeson Technology Corp and Eastern Air Logistics, you can compare the effects of market volatilities on Keeson Technology and Eastern Air 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 Eastern Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Eastern Air.
Diversification Opportunities for Keeson Technology and Eastern Air
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Keeson and Eastern is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Eastern Air Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastern Air Logistics 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 Eastern Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastern Air Logistics has no effect on the direction of Keeson Technology i.e., Keeson Technology and Eastern Air go up and down completely randomly.
Pair Corralation between Keeson Technology and Eastern Air
Assuming the 90 days trading horizon Keeson Technology Corp is expected to under-perform the Eastern Air. In addition to that, Keeson Technology is 1.06 times more volatile than Eastern Air Logistics. It trades about -0.01 of its total potential returns per unit of risk. Eastern Air Logistics is currently generating about 0.01 per unit of volatility. If you would invest 1,591 in Eastern Air Logistics on September 3, 2024 and sell it today you would lose (43.00) from holding Eastern Air Logistics or give up 2.7% 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. Eastern Air Logistics
Performance |
| Timeline |
| Keeson Technology Corp |
| Eastern Air Logistics |
Keeson Technology and Eastern Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Eastern Air
The main advantage of trading using opposite Keeson Technology and Eastern Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Eastern Air 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 Eastern Air will offset losses from the drop in Eastern Air's long position.| Keeson Technology vs. Jiangxi Naipu Mining | Keeson Technology vs. Western Mining Co | Keeson Technology vs. Guangdong Jingyi Metal | Keeson Technology vs. Chengtun Mining Group |
| Eastern Air vs. Fiberhome Telecommunication Technologies | Eastern Air vs. Ningbo Tech Bank Co | Eastern Air vs. Unisplendour Corp | Eastern Air vs. China Construction Bank |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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