Correlation Between Kingfa Science and Electronics Mart
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By analyzing existing cross correlation between Kingfa Science Technology and Electronics Mart India, you can compare the effects of market volatilities on Kingfa Science and Electronics Mart 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 Electronics Mart. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingfa Science and Electronics Mart.
Diversification Opportunities for Kingfa Science and Electronics Mart
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kingfa and Electronics is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Kingfa Science Technology and Electronics Mart India in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Electronics Mart India 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 Electronics Mart. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Electronics Mart India has no effect on the direction of Kingfa Science i.e., Kingfa Science and Electronics Mart go up and down completely randomly.
Pair Corralation between Kingfa Science and Electronics Mart
Assuming the 90 days trading horizon Kingfa Science Technology is expected to generate 0.51 times more return on investment than Electronics Mart. However, Kingfa Science Technology is 1.96 times less risky than Electronics Mart. It trades about -0.07 of its potential returns per unit of risk. Electronics Mart India is currently generating about -0.1 per unit of risk. If you would invest 299,645 in Kingfa Science Technology on August 29, 2024 and sell it today you would lose (10,080) from holding Kingfa Science Technology or give up 3.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingfa Science Technology vs. Electronics Mart India
Performance |
| Timeline |
| Kingfa Science Technology |
| Electronics Mart India |
Kingfa Science and Electronics Mart Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingfa Science and Electronics Mart
The main advantage of trading using opposite Kingfa Science and Electronics Mart positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingfa Science position performs unexpectedly, Electronics Mart 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 Electronics Mart will offset losses from the drop in Electronics Mart'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 |
| Electronics Mart vs. Pilani Investment and | Electronics Mart vs. Baazar Style Retail | Electronics Mart vs. Kalyani Investment | Electronics Mart vs. Tata Investment |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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