Correlation Between Keeson Technology and Shuhua Sports
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By analyzing existing cross correlation between Keeson Technology Corp and Shuhua Sports Co, you can compare the effects of market volatilities on Keeson Technology and Shuhua Sports 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 Shuhua Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Shuhua Sports.
Diversification Opportunities for Keeson Technology and Shuhua Sports
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Keeson and Shuhua is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Shuhua Sports Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shuhua Sports 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 Shuhua Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shuhua Sports has no effect on the direction of Keeson Technology i.e., Keeson Technology and Shuhua Sports go up and down completely randomly.
Pair Corralation between Keeson Technology and Shuhua Sports
Assuming the 90 days trading horizon Keeson Technology Corp is expected to generate 1.05 times more return on investment than Shuhua Sports. However, Keeson Technology is 1.05 times more volatile than Shuhua Sports Co. It trades about 0.01 of its potential returns per unit of risk. Shuhua Sports Co is currently generating about -0.02 per unit of risk. If you would invest 1,152 in Keeson Technology Corp on October 16, 2024 and sell it today you would lose (80.00) from holding Keeson Technology Corp or give up 6.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Shuhua Sports Co
Performance |
| Timeline |
| Keeson Technology Corp |
| Shuhua Sports |
Keeson Technology and Shuhua Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Shuhua Sports
The main advantage of trading using opposite Keeson Technology and Shuhua Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Shuhua Sports 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 Shuhua Sports will offset losses from the drop in Shuhua Sports' long position.| Keeson Technology vs. Qtone Education Group | Keeson Technology vs. Xinhua Winshare Publishing | Keeson Technology vs. Northern United Publishing | Keeson Technology vs. V V Food |
| Shuhua Sports vs. Eyebright Medical Technology | Shuhua Sports vs. China Minmetals Rare | Shuhua Sports vs. Keeson Technology Corp | Shuhua Sports vs. Rising Nonferrous Metals |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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