Correlation Between Kingfa Science and Praxis Home
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By analyzing existing cross correlation between Kingfa Science Technology and Praxis Home Retail, you can compare the effects of market volatilities on Kingfa Science and Praxis Home 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 Praxis Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingfa Science and Praxis Home.
Diversification Opportunities for Kingfa Science and Praxis Home
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kingfa and Praxis is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Kingfa Science Technology and Praxis Home Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Praxis Home Retail 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 Praxis Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Praxis Home Retail has no effect on the direction of Kingfa Science i.e., Kingfa Science and Praxis Home go up and down completely randomly.
Pair Corralation between Kingfa Science and Praxis Home
Assuming the 90 days trading horizon Kingfa Science Technology is expected to generate 0.95 times more return on investment than Praxis Home. However, Kingfa Science Technology is 1.05 times less risky than Praxis Home. It trades about 0.01 of its potential returns per unit of risk. Praxis Home Retail is currently generating about -0.13 per unit of risk. If you would invest 299,645 in Kingfa Science Technology on October 26, 2024 and sell it today you would lose (160.00) from holding Kingfa Science Technology or give up 0.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingfa Science Technology vs. Praxis Home Retail
Performance |
| Timeline |
| Kingfa Science Technology |
| Praxis Home Retail |
Kingfa Science and Praxis Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingfa Science and Praxis Home
The main advantage of trading using opposite Kingfa Science and Praxis Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingfa Science position performs unexpectedly, Praxis Home 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 Praxis Home will offset losses from the drop in Praxis Home's long position.| Kingfa Science vs. The State Trading | Kingfa Science vs. Rainbow Childrens Medicare | Kingfa Science vs. Nalwa Sons Investments | Kingfa Science vs. AUTHUM INVESTMENT INFRASTRUCTU |
| Praxis Home vs. Kingfa Science Technology | Praxis Home vs. Rico Auto Industries | Praxis Home vs. GACM Technologies Limited | Praxis Home 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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