Correlation Between Kandi Technologies and Concrete Pumping
Can any of the company-specific risk be diversified away by investing in both Kandi Technologies and Concrete Pumping at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Kandi Technologies and Concrete Pumping into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kandi Technologies Group and Concrete Pumping Holdings, you can compare the effects of market volatilities on Kandi Technologies and Concrete Pumping 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 Kandi Technologies with a short position of Concrete Pumping. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kandi Technologies and Concrete Pumping.
Diversification Opportunities for Kandi Technologies and Concrete Pumping
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kandi and Concrete is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kandi Technologies Group and Concrete Pumping Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Concrete Pumping Holdings and Kandi Technologies 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 Kandi Technologies Group are associated (or correlated) with Concrete Pumping. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Concrete Pumping Holdings has no effect on the direction of Kandi Technologies i.e., Kandi Technologies and Concrete Pumping go up and down completely randomly.
Pair Corralation between Kandi Technologies and Concrete Pumping
If you would invest (100.00) in Concrete Pumping Holdings on November 27, 2024 and sell it today you would earn a total of 100.00 from holding Concrete Pumping Holdings or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Kandi Technologies Group vs. Concrete Pumping Holdings
Performance |
| Timeline |
| Kandi Technologies |
| Concrete Pumping Holdings |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Kandi Technologies and Concrete Pumping Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kandi Technologies and Concrete Pumping
The main advantage of trading using opposite Kandi Technologies and Concrete Pumping positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kandi Technologies position performs unexpectedly, Concrete Pumping 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 Concrete Pumping will offset losses from the drop in Concrete Pumping's long position.| Kandi Technologies vs. Hyliion Holdings Corp | Kandi Technologies vs. Foresight Autonomous Holdings | Kandi Technologies vs. Aeva Technologies, Common | Kandi Technologies vs. Aeye Inc |
| Concrete Pumping vs. Gfl Environmental Holdings | Concrete Pumping vs. Federal Home Loan | Concrete Pumping vs. American Environmental | Concrete Pumping vs. POSCO Holdings |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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