Correlation Between Biofil Chemicals and Kingfa Science
Specify exactly 2 symbols:
By analyzing existing cross correlation between Biofil Chemicals Pharmaceuticals and Kingfa Science Technology, you can compare the effects of market volatilities on Biofil Chemicals 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 Biofil Chemicals with a short position of Kingfa Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of Biofil Chemicals and Kingfa Science.
Diversification Opportunities for Biofil Chemicals and Kingfa Science
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Biofil and Kingfa is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Biofil Chemicals Pharmaceutica 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 Biofil Chemicals 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 Biofil Chemicals Pharmaceuticals 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 Biofil Chemicals i.e., Biofil Chemicals and Kingfa Science go up and down completely randomly.
Pair Corralation between Biofil Chemicals and Kingfa Science
Assuming the 90 days trading horizon Biofil Chemicals Pharmaceuticals is expected to under-perform the Kingfa Science. In addition to that, Biofil Chemicals is 1.02 times more volatile than Kingfa Science Technology. It trades about -0.17 of its total potential returns per unit of risk. Kingfa Science Technology is currently generating about -0.03 per unit of volatility. If you would invest 330,950 in Kingfa Science Technology on October 31, 2024 and sell it today you would lose (30,540) from holding Kingfa Science Technology or give up 9.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Biofil Chemicals Pharmaceutica vs. Kingfa Science Technology
Performance |
| Timeline |
| Biofil Chemicals Pha |
| Kingfa Science Technology |
Biofil Chemicals and Kingfa Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Biofil Chemicals and Kingfa Science
The main advantage of trading using opposite Biofil Chemicals and Kingfa Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Biofil Chemicals 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.| Biofil Chemicals vs. Centum Electronics Limited | Biofil Chemicals vs. HDFC Life Insurance | Biofil Chemicals vs. ZF Commercial Vehicle | Biofil Chemicals vs. Spencers Retail Limited |
| Kingfa Science vs. Elin Electronics Limited | Kingfa Science vs. Welspun Investments and | Kingfa Science vs. ROUTE MOBILE LIMITED | Kingfa Science vs. Reliance Communications 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |