Correlation Between Kandi Technologies and Express
Can any of the company-specific risk be diversified away by investing in both Kandi Technologies and Express 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 Express 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 Express, you can compare the effects of market volatilities on Kandi Technologies and Express 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 Express. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kandi Technologies and Express.
Diversification Opportunities for Kandi Technologies and Express
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Kandi and Express is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Kandi Technologies Group and Express in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Express 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 Express. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Express has no effect on the direction of Kandi Technologies i.e., Kandi Technologies and Express go up and down completely randomly.
Pair Corralation between Kandi Technologies and Express
If you would invest 76.00 in Express on August 27, 2024 and sell it today you would earn a total of 0.00 from holding Express or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Kandi Technologies Group vs. Express
Performance |
| Timeline |
| Kandi Technologies |
| Express |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Kandi Technologies and Express Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kandi Technologies and Express
The main advantage of trading using opposite Kandi Technologies and Express positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kandi Technologies position performs unexpectedly, Express 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 Express will offset losses from the drop in Express' long position.| Kandi Technologies vs. Hyliion Holdings Corp | Kandi Technologies vs. Foresight Autonomous Holdings | Kandi Technologies vs. Aeva Technologies | Kandi Technologies vs. Aeye Inc |
| Express vs. Koss Corporation | Express vs. BlackBerry | Express vs. Castor Maritime | Express vs. Clover Health Investments |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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