Correlation Between Keeson Technology and Niutech Environment
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By analyzing existing cross correlation between Keeson Technology Corp and Niutech Environment Technology, you can compare the effects of market volatilities on Keeson Technology and Niutech Environment 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 Niutech Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Niutech Environment.
Diversification Opportunities for Keeson Technology and Niutech Environment
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Keeson and Niutech is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Niutech Environment Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Niutech Environment 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 Niutech Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Niutech Environment has no effect on the direction of Keeson Technology i.e., Keeson Technology and Niutech Environment go up and down completely randomly.
Pair Corralation between Keeson Technology and Niutech Environment
Assuming the 90 days trading horizon Keeson Technology Corp is expected to generate 2.19 times more return on investment than Niutech Environment. However, Keeson Technology is 2.19 times more volatile than Niutech Environment Technology. It trades about 0.02 of its potential returns per unit of risk. Niutech Environment Technology is currently generating about -0.19 per unit of risk. If you would invest 1,064 in Keeson Technology Corp on October 18, 2024 and sell it today you would lose (4.00) from holding Keeson Technology Corp or give up 0.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Niutech Environment Technology
Performance |
| Timeline |
| Keeson Technology Corp |
| Niutech Environment |
Keeson Technology and Niutech Environment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Niutech Environment
The main advantage of trading using opposite Keeson Technology and Niutech Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Niutech Environment 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 Niutech Environment will offset losses from the drop in Niutech Environment's long position.| Keeson Technology vs. Kweichow Moutai Co | Keeson Technology vs. NAURA Technology Group | Keeson Technology vs. Zhejiang Orient Gene | Keeson Technology vs. APT Medical |
| Niutech Environment vs. Porton Fine Chemicals | Niutech Environment vs. Beijing Jiaman Dress | Niutech Environment vs. Shandong Polymer Biochemicals | Niutech Environment vs. FSPG Hi Tech 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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