Correlation Between Kingfa Science and Almondz Global
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By analyzing existing cross correlation between Kingfa Science Technology and Almondz Global Securities, you can compare the effects of market volatilities on Kingfa Science and Almondz Global 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 Kingfa Science with a short position of Almondz Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingfa Science and Almondz Global.
Diversification Opportunities for Kingfa Science and Almondz Global
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kingfa and Almondz is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Kingfa Science Technology and Almondz Global Securities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Almondz Global Securities and Kingfa Science 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 Kingfa Science Technology are associated (or correlated) with Almondz Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Almondz Global Securities has no effect on the direction of Kingfa Science i.e., Kingfa Science and Almondz Global go up and down completely randomly.
Pair Corralation between Kingfa Science and Almondz Global
Assuming the 90 days trading horizon Kingfa Science Technology is expected to generate 1.42 times more return on investment than Almondz Global. However, Kingfa Science is 1.42 times more volatile than Almondz Global Securities. It trades about 0.22 of its potential returns per unit of risk. Almondz Global Securities is currently generating about 0.09 per unit of risk. If you would invest 290,005 in Kingfa Science Technology on September 14, 2024 and sell it today you would earn a total of 30,195 from holding Kingfa Science Technology or generate 10.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingfa Science Technology vs. Almondz Global Securities
Performance |
| Timeline |
| Kingfa Science Technology |
| Almondz Global Securities |
Kingfa Science and Almondz Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingfa Science and Almondz Global
The main advantage of trading using opposite Kingfa Science and Almondz Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingfa Science position performs unexpectedly, Almondz Global 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 Almondz Global will offset losses from the drop in Almondz Global's long position.| Kingfa Science vs. NMDC Limited | Kingfa Science vs. Steel Authority of | Kingfa Science vs. Embassy Office Parks | Kingfa Science vs. Gujarat Narmada Valley |
| Almondz Global vs. Reliance Industries Limited | Almondz Global vs. HDFC Bank Limited | Almondz Global vs. Oil Natural Gas | Almondz Global vs. Kingfa Science Technology |
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.
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