Correlation Between Keli Sensing and Minmetals Capital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Keli Sensing Technology and Minmetals Capital Co, you can compare the effects of market volatilities on Keli Sensing and Minmetals Capital 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 Keli Sensing with a short position of Minmetals Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keli Sensing and Minmetals Capital.
Diversification Opportunities for Keli Sensing and Minmetals Capital
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Keli and Minmetals is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Keli Sensing Technology and Minmetals Capital Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Minmetals Capital and Keli Sensing 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 Keli Sensing Technology are associated (or correlated) with Minmetals Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Minmetals Capital has no effect on the direction of Keli Sensing i.e., Keli Sensing and Minmetals Capital go up and down completely randomly.
Pair Corralation between Keli Sensing and Minmetals Capital
Assuming the 90 days trading horizon Keli Sensing Technology is expected to generate 1.71 times more return on investment than Minmetals Capital. However, Keli Sensing is 1.71 times more volatile than Minmetals Capital Co. It trades about 0.33 of its potential returns per unit of risk. Minmetals Capital Co is currently generating about -0.13 per unit of risk. If you would invest 3,661 in Keli Sensing Technology on September 4, 2024 and sell it today you would earn a total of 1,699 from holding Keli Sensing Technology or generate 46.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keli Sensing Technology vs. Minmetals Capital Co
Performance |
| Timeline |
| Keli Sensing Technology |
| Minmetals Capital |
Keli Sensing and Minmetals Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keli Sensing and Minmetals Capital
The main advantage of trading using opposite Keli Sensing and Minmetals Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keli Sensing position performs unexpectedly, Minmetals Capital 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 Minmetals Capital will offset losses from the drop in Minmetals Capital's long position.| Keli Sensing vs. Biwin Storage Technology | Keli Sensing vs. PetroChina Co Ltd | Keli Sensing vs. Industrial and Commercial | Keli Sensing vs. China Construction Bank |
| Minmetals Capital vs. Ming Yang Smart | Minmetals Capital vs. 159681 | Minmetals Capital vs. 159005 | Minmetals Capital vs. Loctek Ergonomic Technology |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |