Correlation Between Kandi Technologies and FitLife Brands,
Can any of the company-specific risk be diversified away by investing in both Kandi Technologies and FitLife Brands, 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 FitLife Brands, 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 FitLife Brands, Common, you can compare the effects of market volatilities on Kandi Technologies and FitLife Brands, 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 FitLife Brands,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kandi Technologies and FitLife Brands,.
Diversification Opportunities for Kandi Technologies and FitLife Brands,
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Kandi and FitLife is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Kandi Technologies Group and FitLife Brands, Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FitLife Brands, Common 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 FitLife Brands,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FitLife Brands, Common has no effect on the direction of Kandi Technologies i.e., Kandi Technologies and FitLife Brands, go up and down completely randomly.
Pair Corralation between Kandi Technologies and FitLife Brands,
Given the investment horizon of 90 days Kandi Technologies Group is expected to under-perform the FitLife Brands,. In addition to that, Kandi Technologies is 1.18 times more volatile than FitLife Brands, Common. It trades about -0.08 of its total potential returns per unit of risk. FitLife Brands, Common is currently generating about 0.04 per unit of volatility. If you would invest 3,069 in FitLife Brands, Common on August 29, 2024 and sell it today you would earn a total of 292.00 from holding FitLife Brands, Common or generate 9.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kandi Technologies Group vs. FitLife Brands, Common
Performance |
| Timeline |
| Kandi Technologies |
| FitLife Brands, Common |
Kandi Technologies and FitLife Brands, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kandi Technologies and FitLife Brands,
The main advantage of trading using opposite Kandi Technologies and FitLife Brands, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kandi Technologies position performs unexpectedly, FitLife Brands, 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 FitLife Brands, will offset losses from the drop in FitLife Brands,'s long position.| Kandi Technologies vs. Gentex | Kandi Technologies vs. Adient PLC | Kandi Technologies vs. Autoliv | Kandi Technologies vs. Fox Factory Holding |
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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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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