Correlation Between RoadMain T and Keli Sensing
Specify exactly 2 symbols:
By analyzing existing cross correlation between RoadMain T Co and Keli Sensing Technology, you can compare the effects of market volatilities on RoadMain T and Keli Sensing 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 RoadMain T with a short position of Keli Sensing. Check out your portfolio center. Please also check ongoing floating volatility patterns of RoadMain T and Keli Sensing.
Diversification Opportunities for RoadMain T and Keli Sensing
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between RoadMain and Keli is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding RoadMain T Co and Keli Sensing Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keli Sensing Technology and RoadMain T 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 RoadMain T Co are associated (or correlated) with Keli Sensing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keli Sensing Technology has no effect on the direction of RoadMain T i.e., RoadMain T and Keli Sensing go up and down completely randomly.
Pair Corralation between RoadMain T and Keli Sensing
Assuming the 90 days trading horizon RoadMain T Co is expected to under-perform the Keli Sensing. But the stock apears to be less risky and, when comparing its historical volatility, RoadMain T Co is 2.4 times less risky than Keli Sensing. The stock trades about -0.2 of its potential returns per unit of risk. The Keli Sensing Technology is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest 3,299 in Keli Sensing Technology on August 30, 2024 and sell it today you would earn a total of 1,341 from holding Keli Sensing Technology or generate 40.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
RoadMain T Co vs. Keli Sensing Technology
Performance |
| Timeline |
| RoadMain T |
| Keli Sensing Technology |
RoadMain T and Keli Sensing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with RoadMain T and Keli Sensing
The main advantage of trading using opposite RoadMain T and Keli Sensing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RoadMain T position performs unexpectedly, Keli Sensing 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 Keli Sensing will offset losses from the drop in Keli Sensing's long position.| RoadMain T vs. Industrial and Commercial | RoadMain T vs. China Construction Bank | RoadMain T vs. Agricultural Bank of | RoadMain T vs. Bank of China |
| Keli Sensing vs. China Petroleum Chemical | Keli Sensing vs. PetroChina Co Ltd | Keli Sensing vs. China State Construction | Keli Sensing 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |