Correlation Between Guangdong Marubi and Konfoong Materials
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By analyzing existing cross correlation between Guangdong Marubi Biotechnology and Konfoong Materials International, you can compare the effects of market volatilities on Guangdong Marubi and Konfoong Materials 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 Guangdong Marubi with a short position of Konfoong Materials. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Marubi and Konfoong Materials.
Diversification Opportunities for Guangdong Marubi and Konfoong Materials
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Guangdong and Konfoong is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Marubi Biotechnology and Konfoong Materials Internation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Konfoong Materials and Guangdong Marubi 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 Guangdong Marubi Biotechnology are associated (or correlated) with Konfoong Materials. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Konfoong Materials has no effect on the direction of Guangdong Marubi i.e., Guangdong Marubi and Konfoong Materials go up and down completely randomly.
Pair Corralation between Guangdong Marubi and Konfoong Materials
Assuming the 90 days trading horizon Guangdong Marubi is expected to generate 2.18 times less return on investment than Konfoong Materials. In addition to that, Guangdong Marubi is 1.19 times more volatile than Konfoong Materials International. It trades about 0.13 of its total potential returns per unit of risk. Konfoong Materials International is currently generating about 0.33 per unit of volatility. If you would invest 6,390 in Konfoong Materials International on November 5, 2024 and sell it today you would earn a total of 639.00 from holding Konfoong Materials International or generate 10.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Marubi Biotechnology vs. Konfoong Materials Internation
Performance |
| Timeline |
| Guangdong Marubi Bio |
| Konfoong Materials |
Guangdong Marubi and Konfoong Materials Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Marubi and Konfoong Materials
The main advantage of trading using opposite Guangdong Marubi and Konfoong Materials positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Marubi position performs unexpectedly, Konfoong Materials 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 Konfoong Materials will offset losses from the drop in Konfoong Materials' long position.| Guangdong Marubi vs. Kweichow Moutai Co | Guangdong Marubi vs. Shenzhen Mindray Bio Medical | Guangdong Marubi vs. Jiangsu Pacific Quartz | Guangdong Marubi vs. G bits Network Technology |
| Konfoong Materials vs. Lecron Energy Saving | Konfoong Materials vs. Xinjiang Beixin RoadBridge | Konfoong Materials vs. Qilu Bank Co | Konfoong Materials vs. Agricultural Bank of |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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