Correlation Between Kingsoft Cloud and Oblong
Can any of the company-specific risk be diversified away by investing in both Kingsoft Cloud and Oblong 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 Oblong 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 Oblong Inc, you can compare the effects of market volatilities on Kingsoft Cloud and Oblong 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 Oblong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsoft Cloud and Oblong.
Diversification Opportunities for Kingsoft Cloud and Oblong
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Kingsoft and Oblong is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Kingsoft Cloud Holdings and Oblong Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oblong Inc 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 Oblong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oblong Inc has no effect on the direction of Kingsoft Cloud i.e., Kingsoft Cloud and Oblong go up and down completely randomly.
Pair Corralation between Kingsoft Cloud and Oblong
Allowing for the 90-day total investment horizon Kingsoft Cloud Holdings is expected to generate 1.25 times more return on investment than Oblong. However, Kingsoft Cloud is 1.25 times more volatile than Oblong Inc. It trades about 0.16 of its potential returns per unit of risk. Oblong Inc is currently generating about 0.16 per unit of risk. If you would invest 1,072 in Kingsoft Cloud Holdings on November 3, 2024 and sell it today you would earn a total of 185.00 from holding Kingsoft Cloud Holdings or generate 17.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingsoft Cloud Holdings vs. Oblong Inc
Performance |
| Timeline |
| Kingsoft Cloud Holdings |
| Oblong Inc |
Kingsoft Cloud and Oblong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingsoft Cloud and Oblong
The main advantage of trading using opposite Kingsoft Cloud and Oblong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsoft Cloud position performs unexpectedly, Oblong 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 Oblong will offset losses from the drop in Oblong's long position.| Kingsoft Cloud vs. Oneconnect Financial Technology | Kingsoft Cloud vs. Global Business Travel | Kingsoft Cloud vs. Alight Inc | Kingsoft Cloud vs. CS Disco LLC |
| Oblong vs. Full Truck Alliance | Oblong vs. Kingsoft Cloud Holdings | Oblong vs. Bm Technologies | Oblong vs. ePlus inc |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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