Correlation Between Keeson Technology and Qingdao NovelBeam
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By analyzing existing cross correlation between Keeson Technology Corp and Qingdao NovelBeam Technology, you can compare the effects of market volatilities on Keeson Technology and Qingdao NovelBeam 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 Qingdao NovelBeam. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keeson Technology and Qingdao NovelBeam.
Diversification Opportunities for Keeson Technology and Qingdao NovelBeam
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Keeson and Qingdao is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Keeson Technology Corp and Qingdao NovelBeam Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao NovelBeam 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 Qingdao NovelBeam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao NovelBeam has no effect on the direction of Keeson Technology i.e., Keeson Technology and Qingdao NovelBeam go up and down completely randomly.
Pair Corralation between Keeson Technology and Qingdao NovelBeam
Assuming the 90 days trading horizon Keeson Technology Corp is expected to generate 0.87 times more return on investment than Qingdao NovelBeam. However, Keeson Technology Corp is 1.14 times less risky than Qingdao NovelBeam. It trades about -0.01 of its potential returns per unit of risk. Qingdao NovelBeam Technology is currently generating about -0.05 per unit of risk. If you would invest 1,337 in Keeson Technology Corp on August 29, 2024 and sell it today you would lose (326.00) from holding Keeson Technology Corp or give up 24.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keeson Technology Corp vs. Qingdao NovelBeam Technology
Performance |
| Timeline |
| Keeson Technology Corp |
| Qingdao NovelBeam |
Keeson Technology and Qingdao NovelBeam Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keeson Technology and Qingdao NovelBeam
The main advantage of trading using opposite Keeson Technology and Qingdao NovelBeam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keeson Technology position performs unexpectedly, Qingdao NovelBeam 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 Qingdao NovelBeam will offset losses from the drop in Qingdao NovelBeam's long position.| Keeson Technology vs. Agricultural Bank of | Keeson Technology vs. Industrial and Commercial | Keeson Technology vs. Bank of China | Keeson Technology vs. China Construction Bank |
| Qingdao NovelBeam vs. Industrial and Commercial | Qingdao NovelBeam vs. China Construction Bank | Qingdao NovelBeam vs. Agricultural Bank of | Qingdao NovelBeam vs. Bank of China |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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