Correlation Between Chison Medical and Keda Clean
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By analyzing existing cross correlation between Chison Medical Technologies and Keda Clean Energy, you can compare the effects of market volatilities on Chison Medical and Keda Clean 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 Chison Medical with a short position of Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Keda Clean.
Diversification Opportunities for Chison Medical and Keda Clean
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Chison and Keda is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Keda Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keda Clean Energy and Chison Medical 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 Chison Medical Technologies are associated (or correlated) with Keda Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keda Clean Energy has no effect on the direction of Chison Medical i.e., Chison Medical and Keda Clean go up and down completely randomly.
Pair Corralation between Chison Medical and Keda Clean
Assuming the 90 days trading horizon Chison Medical Technologies is expected to generate 1.37 times more return on investment than Keda Clean. However, Chison Medical is 1.37 times more volatile than Keda Clean Energy. It trades about 0.08 of its potential returns per unit of risk. Keda Clean Energy is currently generating about 0.07 per unit of risk. If you would invest 2,098 in Chison Medical Technologies on November 2, 2024 and sell it today you would earn a total of 512.00 from holding Chison Medical Technologies or generate 24.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chison Medical Technologies vs. Keda Clean Energy
Performance |
| Timeline |
| Chison Medical Techn |
| Keda Clean Energy |
Chison Medical and Keda Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Keda Clean
The main advantage of trading using opposite Chison Medical and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical position performs unexpectedly, Keda Clean 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 Keda Clean will offset losses from the drop in Keda Clean's long position.| Chison Medical vs. Agricultural Bank of | Chison Medical vs. Industrial and Commercial | Chison Medical vs. Bank of China | Chison Medical vs. China Construction Bank |
| Keda Clean vs. Youyou Foods Co | Keda Clean vs. Great Sun Foods Co | Keda Clean vs. Guangdong Wens Foodstuff | Keda Clean vs. Anji Foodstuff Co |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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