Correlation Between Kandi Technologies and Integral
Can any of the company-specific risk be diversified away by investing in both Kandi Technologies and Integral 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 Integral 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 Integral Ad Science, you can compare the effects of market volatilities on Kandi Technologies and Integral 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 Integral. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kandi Technologies and Integral.
Diversification Opportunities for Kandi Technologies and Integral
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kandi and Integral is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Kandi Technologies Group and Integral Ad Science in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integral Ad Science 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 Integral. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integral Ad Science has no effect on the direction of Kandi Technologies i.e., Kandi Technologies and Integral go up and down completely randomly.
Pair Corralation between Kandi Technologies and Integral
Given the investment horizon of 90 days Kandi Technologies Group is expected to under-perform the Integral. In addition to that, Kandi Technologies is 1.27 times more volatile than Integral Ad Science. It trades about -0.1 of its total potential returns per unit of risk. Integral Ad Science is currently generating about -0.06 per unit of volatility. If you would invest 1,188 in Integral Ad Science on August 28, 2024 and sell it today you would lose (77.00) from holding Integral Ad Science or give up 6.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kandi Technologies Group vs. Integral Ad Science
Performance |
| Timeline |
| Kandi Technologies |
| Integral Ad Science |
Kandi Technologies and Integral Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kandi Technologies and Integral
The main advantage of trading using opposite Kandi Technologies and Integral positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kandi Technologies position performs unexpectedly, Integral 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 Integral will offset losses from the drop in Integral's long position.| Kandi Technologies vs. Hyliion Holdings Corp | Kandi Technologies vs. Foresight Autonomous Holdings | Kandi Technologies vs. Aeva Technologies | Kandi Technologies vs. Aeye Inc |
| Integral vs. Mirriad Advertising plc | Integral vs. INEO Tech Corp | Integral vs. Innovid Corp | Integral vs. Townsquare Media |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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