Correlation Between Kingfa Science and Procter Gamble
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By analyzing existing cross correlation between Kingfa Science Technology and Procter Gamble Health, you can compare the effects of market volatilities on Kingfa Science and Procter Gamble 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 Procter Gamble. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingfa Science and Procter Gamble.
Diversification Opportunities for Kingfa Science and Procter Gamble
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Kingfa and Procter is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Kingfa Science Technology and Procter Gamble Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Procter Gamble Health 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 Procter Gamble. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Procter Gamble Health has no effect on the direction of Kingfa Science i.e., Kingfa Science and Procter Gamble go up and down completely randomly.
Pair Corralation between Kingfa Science and Procter Gamble
Assuming the 90 days trading horizon Kingfa Science Technology is expected to generate 1.93 times more return on investment than Procter Gamble. However, Kingfa Science is 1.93 times more volatile than Procter Gamble Health. It trades about 0.07 of its potential returns per unit of risk. Procter Gamble Health is currently generating about 0.04 per unit of risk. If you would invest 130,988 in Kingfa Science Technology on August 26, 2024 and sell it today you would earn a total of 155,132 from holding Kingfa Science Technology or generate 118.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Kingfa Science Technology vs. Procter Gamble Health
Performance |
| Timeline |
| Kingfa Science Technology |
| Procter Gamble Health |
Kingfa Science and Procter Gamble Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingfa Science and Procter Gamble
The main advantage of trading using opposite Kingfa Science and Procter Gamble positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingfa Science position performs unexpectedly, Procter Gamble 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 Procter Gamble will offset losses from the drop in Procter Gamble's long position.| Kingfa Science vs. Rajnandini Metal Limited | Kingfa Science vs. Hisar Metal Industries | Kingfa Science vs. Associated Alcohols Breweries | Kingfa Science vs. Hilton Metal Forging |
| Procter Gamble vs. Kingfa Science Technology | Procter Gamble vs. Rico Auto Industries | Procter Gamble vs. GACM Technologies Limited | Procter Gamble vs. COSMO FIRST 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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