Correlation Between Kingsoft Cloud and Movella Holdings
Can any of the company-specific risk be diversified away by investing in both Kingsoft Cloud and Movella Holdings at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Kingsoft Cloud and Movella Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kingsoft Cloud Holdings and Movella Holdings, you can compare the effects of market volatilities on Kingsoft Cloud and Movella Holdings 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 Kingsoft Cloud with a short position of Movella Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsoft Cloud and Movella Holdings.
Diversification Opportunities for Kingsoft Cloud and Movella Holdings
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Kingsoft and Movella is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Kingsoft Cloud Holdings and Movella Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Movella Holdings and Kingsoft Cloud 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 Kingsoft Cloud Holdings are associated (or correlated) with Movella Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Movella Holdings has no effect on the direction of Kingsoft Cloud i.e., Kingsoft Cloud and Movella Holdings go up and down completely randomly.
Pair Corralation between Kingsoft Cloud and Movella Holdings
If you would invest 266.00 in Kingsoft Cloud Holdings on August 24, 2024 and sell it today you would earn a total of 312.00 from holding Kingsoft Cloud Holdings or generate 117.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Kingsoft Cloud Holdings vs. Movella Holdings
Performance |
| Timeline |
| Kingsoft Cloud Holdings |
| Movella Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kingsoft Cloud and Movella Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingsoft Cloud and Movella Holdings
The main advantage of trading using opposite Kingsoft Cloud and Movella Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsoft Cloud position performs unexpectedly, Movella Holdings 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 Movella Holdings will offset losses from the drop in Movella Holdings' long position.| Kingsoft Cloud vs. Manhattan Associates | Kingsoft Cloud vs. Paycom Soft | Kingsoft Cloud vs. Clearwater Analytics Holdings | Kingsoft Cloud vs. Procore Technologies |
| Movella Holdings vs. HeartCore Enterprises | Movella Holdings vs. Trust Stamp | Movella Holdings vs. Quhuo | Movella Holdings vs. Infobird 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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