Correlation Between Keli Sensing and RoadMain T
Specify exactly 2 symbols:
By analyzing existing cross correlation between Keli Sensing Technology and RoadMain T Co, you can compare the effects of market volatilities on Keli Sensing and RoadMain T 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 RoadMain T. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keli Sensing and RoadMain T.
Diversification Opportunities for Keli Sensing and RoadMain T
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Keli and RoadMain is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Keli Sensing Technology and RoadMain T Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RoadMain T 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 RoadMain T. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RoadMain T has no effect on the direction of Keli Sensing i.e., Keli Sensing and RoadMain T go up and down completely randomly.
Pair Corralation between Keli Sensing and RoadMain T
Assuming the 90 days trading horizon Keli Sensing Technology is expected to generate 1.05 times more return on investment than RoadMain T. However, Keli Sensing is 1.05 times more volatile than RoadMain T Co. It trades about 0.08 of its potential returns per unit of risk. RoadMain T Co is currently generating about 0.03 per unit of risk. If you would invest 1,577 in Keli Sensing Technology on August 27, 2024 and sell it today you would earn a total of 3,078 from holding Keli Sensing Technology or generate 195.18% 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. RoadMain T Co
Performance |
| Timeline |
| Keli Sensing Technology |
| RoadMain T |
Keli Sensing and RoadMain T Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keli Sensing and RoadMain T
The main advantage of trading using opposite Keli Sensing and RoadMain T positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keli Sensing position performs unexpectedly, RoadMain T 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 RoadMain T will offset losses from the drop in RoadMain T's long position.| Keli Sensing vs. Kweichow Moutai Co | Keli Sensing vs. Shenzhen Mindray Bio Medical | Keli Sensing vs. Jiangsu Pacific Quartz | Keli Sensing vs. G bits Network Technology |
| RoadMain T vs. Agricultural Bank of | RoadMain T vs. Industrial and Commercial | RoadMain T vs. Bank of China | RoadMain T vs. China Construction Bank |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |