Correlation Between Shareate Tools and Kailong High
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By analyzing existing cross correlation between Shareate Tools and Kailong High Technology, you can compare the effects of market volatilities on Shareate Tools and Kailong High 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 Shareate Tools with a short position of Kailong High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shareate Tools and Kailong High.
Diversification Opportunities for Shareate Tools and Kailong High
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shareate and Kailong is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Shareate Tools and Kailong High Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kailong High Technology and Shareate Tools 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 Shareate Tools are associated (or correlated) with Kailong High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kailong High Technology has no effect on the direction of Shareate Tools i.e., Shareate Tools and Kailong High go up and down completely randomly.
Pair Corralation between Shareate Tools and Kailong High
Assuming the 90 days trading horizon Shareate Tools is expected to generate 7.92 times less return on investment than Kailong High. But when comparing it to its historical volatility, Shareate Tools is 1.3 times less risky than Kailong High. It trades about 0.01 of its potential returns per unit of risk. Kailong High Technology is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,134 in Kailong High Technology on November 3, 2024 and sell it today you would earn a total of 52.00 from holding Kailong High Technology or generate 4.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shareate Tools vs. Kailong High Technology
Performance |
| Timeline |
| Shareate Tools |
| Kailong High Technology |
Shareate Tools and Kailong High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shareate Tools and Kailong High
The main advantage of trading using opposite Shareate Tools and Kailong High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shareate Tools position performs unexpectedly, Kailong High 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 Kailong High will offset losses from the drop in Kailong High's long position.| Shareate Tools vs. Jiangsu Yanghe Brewery | Shareate Tools vs. Shenzhen Cotran New | Shareate Tools vs. Orinko Advanced Plastics | Shareate Tools vs. Chongqing Brewery Co |
| Kailong High vs. Agricultural Bank of | Kailong High vs. Industrial and Commercial | Kailong High vs. Bank of China | Kailong High vs. PetroChina Co Ltd |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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