Correlation Between Kingfa Science and DJ Mediaprint
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By analyzing existing cross correlation between Kingfa Science Technology and DJ Mediaprint Logistics, you can compare the effects of market volatilities on Kingfa Science and DJ Mediaprint 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 DJ Mediaprint. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingfa Science and DJ Mediaprint.
Diversification Opportunities for Kingfa Science and DJ Mediaprint
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Kingfa and DJML is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Kingfa Science Technology and DJ Mediaprint Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DJ Mediaprint Logistics 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 DJ Mediaprint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DJ Mediaprint Logistics has no effect on the direction of Kingfa Science i.e., Kingfa Science and DJ Mediaprint go up and down completely randomly.
Pair Corralation between Kingfa Science and DJ Mediaprint
Assuming the 90 days trading horizon Kingfa Science Technology is expected to under-perform the DJ Mediaprint. But the stock apears to be less risky and, when comparing its historical volatility, Kingfa Science Technology is 1.3 times less risky than DJ Mediaprint. The stock trades about -0.07 of its potential returns per unit of risk. The DJ Mediaprint Logistics is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 11,505 in DJ Mediaprint Logistics on August 29, 2024 and sell it today you would earn a total of 1,542 from holding DJ Mediaprint Logistics or generate 13.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingfa Science Technology vs. DJ Mediaprint Logistics
Performance |
| Timeline |
| Kingfa Science Technology |
| DJ Mediaprint Logistics |
Kingfa Science and DJ Mediaprint Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingfa Science and DJ Mediaprint
The main advantage of trading using opposite Kingfa Science and DJ Mediaprint positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingfa Science position performs unexpectedly, DJ Mediaprint 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 DJ Mediaprint will offset losses from the drop in DJ Mediaprint's long position.| Kingfa Science vs. Madhav Copper Limited | Kingfa Science vs. Aban Offshore Limited | Kingfa Science vs. Aarti Drugs Limited | Kingfa Science vs. Akums Drugs and |
| DJ Mediaprint vs. DiGiSPICE Technologies Limited | DJ Mediaprint vs. Pritish Nandy Communications | DJ Mediaprint vs. Newgen Software Technologies | DJ Mediaprint vs. Ortel 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 Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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