Correlation Between Duzhe Publishing and Kangyue Technology
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By analyzing existing cross correlation between Duzhe Publishing Media and Kangyue Technology Co, you can compare the effects of market volatilities on Duzhe Publishing and Kangyue Technology 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 Duzhe Publishing with a short position of Kangyue Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duzhe Publishing and Kangyue Technology.
Diversification Opportunities for Duzhe Publishing and Kangyue Technology
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Duzhe and Kangyue is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Duzhe Publishing Media and Kangyue Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangyue Technology and Duzhe Publishing 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 Duzhe Publishing Media are associated (or correlated) with Kangyue Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangyue Technology has no effect on the direction of Duzhe Publishing i.e., Duzhe Publishing and Kangyue Technology go up and down completely randomly.
Pair Corralation between Duzhe Publishing and Kangyue Technology
Assuming the 90 days trading horizon Duzhe Publishing Media is expected to generate 0.52 times more return on investment than Kangyue Technology. However, Duzhe Publishing Media is 1.93 times less risky than Kangyue Technology. It trades about -0.08 of its potential returns per unit of risk. Kangyue Technology Co is currently generating about -0.28 per unit of risk. If you would invest 640.00 in Duzhe Publishing Media on October 28, 2024 and sell it today you would lose (31.00) from holding Duzhe Publishing Media or give up 4.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Duzhe Publishing Media vs. Kangyue Technology Co
Performance |
| Timeline |
| Duzhe Publishing Media |
| Kangyue Technology |
Duzhe Publishing and Kangyue Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duzhe Publishing and Kangyue Technology
The main advantage of trading using opposite Duzhe Publishing and Kangyue Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duzhe Publishing position performs unexpectedly, Kangyue Technology 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 Kangyue Technology will offset losses from the drop in Kangyue Technology's long position.| Duzhe Publishing vs. Bus Online Co | Duzhe Publishing vs. Holitech Technology Co | Duzhe Publishing vs. Gome Telecom Equipment | Duzhe Publishing vs. Cultural Investment Holdings |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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