Correlation Between Kingfa Science and Next Mediaworks
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By analyzing existing cross correlation between Kingfa Science Technology and Next Mediaworks Limited, you can compare the effects of market volatilities on Kingfa Science and Next Mediaworks 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 Next Mediaworks. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingfa Science and Next Mediaworks.
Diversification Opportunities for Kingfa Science and Next Mediaworks
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kingfa and Next is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Kingfa Science Technology and Next Mediaworks Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Next Mediaworks 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 Next Mediaworks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Next Mediaworks has no effect on the direction of Kingfa Science i.e., Kingfa Science and Next Mediaworks go up and down completely randomly.
Pair Corralation between Kingfa Science and Next Mediaworks
Assuming the 90 days trading horizon Kingfa Science Technology is expected to under-perform the Next Mediaworks. But the stock apears to be less risky and, when comparing its historical volatility, Kingfa Science Technology is 3.57 times less risky than Next Mediaworks. The stock trades about -0.07 of its potential returns per unit of risk. The Next Mediaworks Limited is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 701.00 in Next Mediaworks Limited on August 29, 2024 and sell it today you would earn a total of 345.00 from holding Next Mediaworks Limited or generate 49.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingfa Science Technology vs. Next Mediaworks Limited
Performance |
| Timeline |
| Kingfa Science Technology |
| Next Mediaworks |
Kingfa Science and Next Mediaworks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingfa Science and Next Mediaworks
The main advantage of trading using opposite Kingfa Science and Next Mediaworks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingfa Science position performs unexpectedly, Next Mediaworks 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 Next Mediaworks will offset losses from the drop in Next Mediaworks' 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 |
| Next Mediaworks vs. Taj GVK Hotels | Next Mediaworks vs. Kamat Hotels Limited | Next Mediaworks vs. Sarthak Metals Limited | Next Mediaworks vs. Associated Alcohols Breweries |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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