Correlation Between Keeson Technology and OBiO Technology
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By analyzing existing cross correlation between Keeson Technology Corp and OBiO Technology Corp, you can compare the effects of market volatilities on Keeson Technology and OBiO Technology 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 OBiO Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and OBiO Technology.
Diversification Opportunities for Keeson Technology and OBiO Technology
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Keeson and OBiO is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and OBiO Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OBiO Technology Corp 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 OBiO Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OBiO Technology Corp has no effect on the direction of Keeson Technology i.e., Keeson Technology and OBiO Technology go up and down completely randomly.
Pair Corralation between Keeson Technology and OBiO Technology
Assuming the 90 days trading horizon Keeson Technology Corp is expected to under-perform the OBiO Technology. But the stock apears to be less risky and, when comparing its historical volatility, Keeson Technology Corp is 1.35 times less risky than OBiO Technology. The stock trades about -0.04 of its potential returns per unit of risk. The OBiO Technology Corp is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 541.00 in OBiO Technology Corp on September 1, 2024 and sell it today you would earn a total of 11.00 from holding OBiO Technology Corp or generate 2.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. OBiO Technology Corp
Performance |
| Timeline |
| Keeson Technology Corp |
| OBiO Technology Corp |
Keeson Technology and OBiO Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and OBiO Technology
The main advantage of trading using opposite Keeson Technology and OBiO Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, OBiO Technology 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 OBiO Technology will offset losses from the drop in OBiO Technology'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 |
| OBiO Technology vs. Shandong Polymer Biochemicals | OBiO Technology vs. Focus Media Information | OBiO Technology vs. Yingde Greatchem Chemicals | OBiO Technology vs. Harbin Air Conditioning |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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