Correlation Between Kandi Technologies and COMMONSPIRIT
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By analyzing existing cross correlation between Kandi Technologies Group and COMMONSPIRIT HEALTH, you can compare the effects of market volatilities on Kandi Technologies and COMMONSPIRIT 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 COMMONSPIRIT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kandi Technologies and COMMONSPIRIT.
Diversification Opportunities for Kandi Technologies and COMMONSPIRIT
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kandi and COMMONSPIRIT is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Kandi Technologies Group and COMMONSPIRIT HEALTH in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMMONSPIRIT HEALTH 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 COMMONSPIRIT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMMONSPIRIT HEALTH has no effect on the direction of Kandi Technologies i.e., Kandi Technologies and COMMONSPIRIT go up and down completely randomly.
Pair Corralation between Kandi Technologies and COMMONSPIRIT
Given the investment horizon of 90 days Kandi Technologies Group is expected to under-perform the COMMONSPIRIT. In addition to that, Kandi Technologies is 2.16 times more volatile than COMMONSPIRIT HEALTH. It trades about -0.05 of its total potential returns per unit of risk. COMMONSPIRIT HEALTH is currently generating about -0.04 per unit of volatility. If you would invest 8,100 in COMMONSPIRIT HEALTH on September 2, 2024 and sell it today you would lose (135.00) from holding COMMONSPIRIT HEALTH or give up 1.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 80.95% |
| Values | Daily Returns |
Kandi Technologies Group vs. COMMONSPIRIT HEALTH
Performance |
| Timeline |
| Kandi Technologies |
| COMMONSPIRIT HEALTH |
Kandi Technologies and COMMONSPIRIT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kandi Technologies and COMMONSPIRIT
The main advantage of trading using opposite Kandi Technologies and COMMONSPIRIT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kandi Technologies position performs unexpectedly, COMMONSPIRIT 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 COMMONSPIRIT will offset losses from the drop in COMMONSPIRIT'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 |
| COMMONSPIRIT vs. Electrovaya Common Shares | COMMONSPIRIT vs. SBM Offshore NV | COMMONSPIRIT vs. Inflection Point Acquisition | COMMONSPIRIT vs. Kandi Technologies Group |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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