Correlation Between Keeson Technology and New China
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By analyzing existing cross correlation between Keeson Technology Corp and New China Life, you can compare the effects of market volatilities on Keeson Technology and New China 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 New China. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and New China.
Diversification Opportunities for Keeson Technology and New China
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Keeson and New is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and New China Life in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on New China Life 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 New China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of New China Life has no effect on the direction of Keeson Technology i.e., Keeson Technology and New China go up and down completely randomly.
Pair Corralation between Keeson Technology and New China
Assuming the 90 days trading horizon Keeson Technology Corp is expected to under-perform the New China. In addition to that, Keeson Technology is 1.12 times more volatile than New China Life. It trades about 0.0 of its total potential returns per unit of risk. New China Life is currently generating about 0.04 per unit of volatility. If you would invest 3,101 in New China Life on October 15, 2024 and sell it today you would earn a total of 1,400 from holding New China Life or generate 45.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. New China Life
Performance |
| Timeline |
| Keeson Technology Corp |
| New China Life |
Keeson Technology and New China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and New China
The main advantage of trading using opposite Keeson Technology and New China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, New China 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 New China will offset losses from the drop in New China's long position.| Keeson Technology vs. Qilu Bank Co | Keeson Technology vs. Guangxi Wuzhou Communications | Keeson Technology vs. Ningbo Tech Bank Co | Keeson Technology vs. Lecron Energy Saving |
| New China vs. Suzhou Douson Drilling | New China vs. GRG Banking Equipment | New China vs. Agricultural Bank of | New China vs. Industrial Bank 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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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