Correlation Between Beijing Kingsoft and State Grid
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Kingsoft Office and State Grid InformationCommunication, you can compare the effects of market volatilities on Beijing Kingsoft and State Grid 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 Beijing Kingsoft with a short position of State Grid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Kingsoft and State Grid.
Diversification Opportunities for Beijing Kingsoft and State Grid
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and State is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Kingsoft Office and State Grid InformationCommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Grid Informati and Beijing Kingsoft 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 Beijing Kingsoft Office are associated (or correlated) with State Grid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Grid Informati has no effect on the direction of Beijing Kingsoft i.e., Beijing Kingsoft and State Grid go up and down completely randomly.
Pair Corralation between Beijing Kingsoft and State Grid
Assuming the 90 days trading horizon Beijing Kingsoft Office is expected to generate 1.44 times more return on investment than State Grid. However, Beijing Kingsoft is 1.44 times more volatile than State Grid InformationCommunication. It trades about 0.02 of its potential returns per unit of risk. State Grid InformationCommunication is currently generating about 0.02 per unit of risk. If you would invest 30,251 in Beijing Kingsoft Office on October 29, 2024 and sell it today you would earn a total of 252.00 from holding Beijing Kingsoft Office or generate 0.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Kingsoft Office vs. State Grid InformationCommunic
Performance |
| Timeline |
| Beijing Kingsoft Office |
| State Grid Informati |
Beijing Kingsoft and State Grid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Kingsoft and State Grid
The main advantage of trading using opposite Beijing Kingsoft and State Grid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Kingsoft position performs unexpectedly, State Grid 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 State Grid will offset losses from the drop in State Grid's long position.| Beijing Kingsoft vs. Shantui Construction Machinery | Beijing Kingsoft vs. Anhui Huilong Agricultural | Beijing Kingsoft vs. Qumei Furniture Group | Beijing Kingsoft vs. Nanxing Furniture Machinery |
| State Grid vs. Industrial and Commercial | State Grid vs. Kweichow Moutai Co | State Grid vs. Agricultural Bank of | State Grid vs. China Mobile Limited |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |