Correlation Between Linewell Software and Keli Sensing
Specify exactly 2 symbols:
By analyzing existing cross correlation between Linewell Software Co and Keli Sensing Technology, you can compare the effects of market volatilities on Linewell Software and Keli Sensing 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 Linewell Software with a short position of Keli Sensing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Linewell Software and Keli Sensing.
Diversification Opportunities for Linewell Software and Keli Sensing
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Linewell and Keli is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Linewell Software Co and Keli Sensing Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keli Sensing Technology and Linewell Software 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 Linewell Software Co are associated (or correlated) with Keli Sensing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keli Sensing Technology has no effect on the direction of Linewell Software i.e., Linewell Software and Keli Sensing go up and down completely randomly.
Pair Corralation between Linewell Software and Keli Sensing
Assuming the 90 days trading horizon Linewell Software is expected to generate 15.97 times less return on investment than Keli Sensing. But when comparing it to its historical volatility, Linewell Software Co is 1.18 times less risky than Keli Sensing. It trades about 0.01 of its potential returns per unit of risk. Keli Sensing Technology is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,659 in Keli Sensing Technology on September 3, 2024 and sell it today you would earn a total of 3,445 from holding Keli Sensing Technology or generate 207.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Linewell Software Co vs. Keli Sensing Technology
Performance |
| Timeline |
| Linewell Software |
| Keli Sensing Technology |
Linewell Software and Keli Sensing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Linewell Software and Keli Sensing
The main advantage of trading using opposite Linewell Software and Keli Sensing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Linewell Software position performs unexpectedly, Keli Sensing 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 Keli Sensing will offset losses from the drop in Keli Sensing's long position.| Linewell Software vs. Agricultural Bank of | Linewell Software vs. China Construction Bank | Linewell Software vs. Postal Savings Bank | Linewell Software vs. Bank of Communications |
| Keli Sensing vs. Zhongtong Guomai Communication | Keli Sensing vs. Anhui Fuhuang Steel | Keli Sensing vs. Jonjee Hi tech Industrial | Keli Sensing vs. Dongjiang Environmental 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |