Correlation Between Shanghai Newtouch and Keda Clean
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By analyzing existing cross correlation between Shanghai Newtouch Software and Keda Clean Energy, you can compare the effects of market volatilities on Shanghai Newtouch 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 Shanghai Newtouch with a short position of Keda Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Newtouch and Keda Clean.
Diversification Opportunities for Shanghai Newtouch and Keda Clean
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shanghai and Keda is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Newtouch Software 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 Shanghai Newtouch 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 Shanghai Newtouch Software 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 Shanghai Newtouch i.e., Shanghai Newtouch and Keda Clean go up and down completely randomly.
Pair Corralation between Shanghai Newtouch and Keda Clean
Assuming the 90 days trading horizon Shanghai Newtouch Software is expected to under-perform the Keda Clean. In addition to that, Shanghai Newtouch is 2.29 times more volatile than Keda Clean Energy. It trades about -0.41 of its total potential returns per unit of risk. Keda Clean Energy is currently generating about -0.12 per unit of volatility. If you would invest 848.00 in Keda Clean Energy on October 11, 2024 and sell it today you would lose (37.00) from holding Keda Clean Energy or give up 4.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Newtouch Software vs. Keda Clean Energy
Performance |
| Timeline |
| Shanghai Newtouch |
| Keda Clean Energy |
Shanghai Newtouch and Keda Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Newtouch and Keda Clean
The main advantage of trading using opposite Shanghai Newtouch and Keda Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Newtouch 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.| Shanghai Newtouch vs. De Rucci Healthy | Shanghai Newtouch vs. Yindu Kitchen Equipment | Shanghai Newtouch vs. Meinian Onehealth Healthcare | Shanghai Newtouch vs. Fujian Longzhou Transportation |
| Keda Clean vs. Shanghai Newtouch Software | Keda Clean vs. Digiwin Software Co | Keda Clean vs. Northern United Publishing | Keda Clean vs. Glodon Software 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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