Correlation Between AUTHUM INVESTMENT and Kingfa Science
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By analyzing existing cross correlation between AUTHUM INVESTMENT INFRASTRUCTU and Kingfa Science Technology, you can compare the effects of market volatilities on AUTHUM INVESTMENT and Kingfa Science 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 AUTHUM INVESTMENT with a short position of Kingfa Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of AUTHUM INVESTMENT and Kingfa Science.
Diversification Opportunities for AUTHUM INVESTMENT and Kingfa Science
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between AUTHUM and Kingfa is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding AUTHUM INVESTMENT INFRASTRUCTU and Kingfa Science Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingfa Science Technology and AUTHUM INVESTMENT 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 AUTHUM INVESTMENT INFRASTRUCTU are associated (or correlated) with Kingfa Science. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingfa Science Technology has no effect on the direction of AUTHUM INVESTMENT i.e., AUTHUM INVESTMENT and Kingfa Science go up and down completely randomly.
Pair Corralation between AUTHUM INVESTMENT and Kingfa Science
Assuming the 90 days trading horizon AUTHUM INVESTMENT INFRASTRUCTU is expected to generate 1.22 times more return on investment than Kingfa Science. However, AUTHUM INVESTMENT is 1.22 times more volatile than Kingfa Science Technology. It trades about 0.13 of its potential returns per unit of risk. Kingfa Science Technology is currently generating about 0.08 per unit of risk. If you would invest 92,620 in AUTHUM INVESTMENT INFRASTRUCTU on October 13, 2024 and sell it today you would earn a total of 93,590 from holding AUTHUM INVESTMENT INFRASTRUCTU or generate 101.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 37.09% |
| Values | Daily Returns |
AUTHUM INVESTMENT INFRASTRUCTU vs. Kingfa Science Technology
Performance |
| Timeline |
| AUTHUM INVESTMENT |
| Kingfa Science Technology |
AUTHUM INVESTMENT and Kingfa Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AUTHUM INVESTMENT and Kingfa Science
The main advantage of trading using opposite AUTHUM INVESTMENT and Kingfa Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AUTHUM INVESTMENT position performs unexpectedly, Kingfa Science 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 Kingfa Science will offset losses from the drop in Kingfa Science's long position.| AUTHUM INVESTMENT vs. Hisar Metal Industries | AUTHUM INVESTMENT vs. Agarwal Industrial | AUTHUM INVESTMENT vs. Hilton Metal Forging | AUTHUM INVESTMENT vs. Shaily Engineering Plastics |
| Kingfa Science vs. Industrial Investment Trust | Kingfa Science vs. Tata Investment | Kingfa Science vs. Pilani Investment and | Kingfa Science vs. AUTHUM INVESTMENT INFRASTRUCTU |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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