Correlation Between Keli Sensing and Western Superconducting
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By analyzing existing cross correlation between Keli Sensing Technology and Western Superconducting Tech, you can compare the effects of market volatilities on Keli Sensing and Western Superconducting 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 Western Superconducting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keli Sensing and Western Superconducting.
Diversification Opportunities for Keli Sensing and Western Superconducting
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Keli and Western is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Keli Sensing Technology and Western Superconducting Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Western Superconducting 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 Western Superconducting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Western Superconducting has no effect on the direction of Keli Sensing i.e., Keli Sensing and Western Superconducting go up and down completely randomly.
Pair Corralation between Keli Sensing and Western Superconducting
Assuming the 90 days trading horizon Keli Sensing Technology is expected to generate 2.17 times more return on investment than Western Superconducting. However, Keli Sensing is 2.17 times more volatile than Western Superconducting Tech. It trades about 0.35 of its potential returns per unit of risk. Western Superconducting Tech is currently generating about -0.19 per unit of risk. If you would invest 3,351 in Keli Sensing Technology on September 1, 2024 and sell it today you would earn a total of 1,753 from holding Keli Sensing Technology or generate 52.31% 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. Western Superconducting Tech
Performance |
| Timeline |
| Keli Sensing Technology |
| Western Superconducting |
Keli Sensing and Western Superconducting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keli Sensing and Western Superconducting
The main advantage of trading using opposite Keli Sensing and Western Superconducting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keli Sensing position performs unexpectedly, Western Superconducting 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 Western Superconducting will offset losses from the drop in Western Superconducting's long position.| Keli Sensing vs. Cultural Investment Holdings | Keli Sensing vs. Gome Telecom Equipment | Keli Sensing vs. Bus Online Co | Keli Sensing vs. Holitech Technology Co |
| Western Superconducting vs. China Petroleum Chemical | Western Superconducting vs. PetroChina Co Ltd | Western Superconducting vs. China State Construction | Western Superconducting vs. China Railway Group |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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