Correlation Between TianJin 712 and Keda Clean
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By analyzing existing cross correlation between TianJin 712 Communication and Keda Clean Energy, you can compare the effects of market volatilities on TianJin 712 and Keda Clean 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 TianJin 712 with a short position of Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of TianJin 712 and Keda Clean.
Diversification Opportunities for TianJin 712 and Keda Clean
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between TianJin and Keda is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding TianJin 712 Communication and Keda Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keda Clean Energy and TianJin 712 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 TianJin 712 Communication are associated (or correlated) with Keda Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keda Clean Energy has no effect on the direction of TianJin 712 i.e., TianJin 712 and Keda Clean go up and down completely randomly.
Pair Corralation between TianJin 712 and Keda Clean
Assuming the 90 days trading horizon TianJin 712 Communication is expected to generate 1.53 times more return on investment than Keda Clean. However, TianJin 712 is 1.53 times more volatile than Keda Clean Energy. It trades about 0.31 of its potential returns per unit of risk. Keda Clean Energy is currently generating about -0.16 per unit of risk. If you would invest 1,636 in TianJin 712 Communication on November 25, 2024 and sell it today you would earn a total of 179.00 from holding TianJin 712 Communication or generate 10.94% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
TianJin 712 Communication vs. Keda Clean Energy
Performance |
Timeline |
TianJin 712 Communication |
Keda Clean Energy |
TianJin 712 and Keda Clean Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with TianJin 712 and Keda Clean
The main advantage of trading using opposite TianJin 712 and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TianJin 712 position performs unexpectedly, Keda Clean 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 Keda Clean will offset losses from the drop in Keda Clean's long position.TianJin 712 vs. Senci Electric Machinery | ||
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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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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