Correlation Between Keli Sensing and Anhui Jianghuai
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By analyzing existing cross correlation between Keli Sensing Technology and Anhui Jianghuai Automobile, you can compare the effects of market volatilities on Keli Sensing and Anhui Jianghuai 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 Anhui Jianghuai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keli Sensing and Anhui Jianghuai.
Diversification Opportunities for Keli Sensing and Anhui Jianghuai
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Keli and Anhui is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Keli Sensing Technology and Anhui Jianghuai Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Jianghuai Auto 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 Anhui Jianghuai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Jianghuai Auto has no effect on the direction of Keli Sensing i.e., Keli Sensing and Anhui Jianghuai go up and down completely randomly.
Pair Corralation between Keli Sensing and Anhui Jianghuai
Assuming the 90 days trading horizon Keli Sensing Technology is expected to generate 1.48 times more return on investment than Anhui Jianghuai. However, Keli Sensing is 1.48 times more volatile than Anhui Jianghuai Automobile. It trades about 0.6 of its potential returns per unit of risk. Anhui Jianghuai Automobile is currently generating about -0.15 per unit of risk. If you would invest 4,035 in Keli Sensing Technology on September 13, 2024 and sell it today you would earn a total of 4,434 from holding Keli Sensing Technology or generate 109.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keli Sensing Technology vs. Anhui Jianghuai Automobile
Performance |
| Timeline |
| Keli Sensing Technology |
| Anhui Jianghuai Auto |
Keli Sensing and Anhui Jianghuai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keli Sensing and Anhui Jianghuai
The main advantage of trading using opposite Keli Sensing and Anhui Jianghuai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keli Sensing position performs unexpectedly, Anhui Jianghuai 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 Anhui Jianghuai will offset losses from the drop in Anhui Jianghuai's long position.| Keli Sensing vs. Industrial and Commercial | Keli Sensing vs. Agricultural Bank of | Keli Sensing vs. China Construction Bank | Keli Sensing vs. Bank of China |
| Anhui Jianghuai vs. Beijing Sanyuan Foods | Anhui Jianghuai vs. Sichuan Fulin Transportation | Anhui Jianghuai vs. Dazhong Transportation Group | Anhui Jianghuai vs. Shandong Huifa Foodstuff |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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