Correlation Between Elin Electronics and Kingfa Science
Specify exactly 2 symbols:
By analyzing existing cross correlation between Elin Electronics Limited and Kingfa Science Technology, you can compare the effects of market volatilities on Elin Electronics 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 Elin Electronics with a short position of Kingfa Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elin Electronics and Kingfa Science.
Diversification Opportunities for Elin Electronics and Kingfa Science
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Elin and Kingfa is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Elin Electronics Limited 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 Elin Electronics 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 Elin Electronics Limited 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 Elin Electronics i.e., Elin Electronics and Kingfa Science go up and down completely randomly.
Pair Corralation between Elin Electronics and Kingfa Science
Assuming the 90 days trading horizon Elin Electronics is expected to generate 6.72 times less return on investment than Kingfa Science. But when comparing it to its historical volatility, Elin Electronics Limited is 1.0 times less risky than Kingfa Science. It trades about 0.01 of its potential returns per unit of risk. Kingfa Science Technology is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 125,504 in Kingfa Science Technology on September 2, 2024 and sell it today you would earn a total of 185,706 from holding Kingfa Science Technology or generate 147.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 97.35% |
| Values | Daily Returns |
Elin Electronics Limited vs. Kingfa Science Technology
Performance |
| Timeline |
| Elin Electronics |
| Kingfa Science Technology |
Elin Electronics and Kingfa Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elin Electronics and Kingfa Science
The main advantage of trading using opposite Elin Electronics and Kingfa Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elin Electronics 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.| Elin Electronics vs. Reliance Industries Limited | Elin Electronics vs. HDFC Bank Limited | Elin Electronics vs. Kingfa Science Technology | Elin Electronics vs. Rico Auto Industries |
| Kingfa Science vs. Transport of | Kingfa Science vs. Par Drugs And | Kingfa Science vs. MEDI ASSIST HEALTHCARE | Kingfa Science vs. Mangalam Drugs And |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |