Correlation Between Kandi Technologies and 695156AT6
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By analyzing existing cross correlation between Kandi Technologies Group and PACKAGING P AMER, you can compare the effects of market volatilities on Kandi Technologies and 695156AT6 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 695156AT6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kandi Technologies and 695156AT6.
Diversification Opportunities for Kandi Technologies and 695156AT6
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kandi and 695156AT6 is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Kandi Technologies Group and PACKAGING P AMER in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PACKAGING P AMER 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 695156AT6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PACKAGING P AMER has no effect on the direction of Kandi Technologies i.e., Kandi Technologies and 695156AT6 go up and down completely randomly.
Pair Corralation between Kandi Technologies and 695156AT6
Given the investment horizon of 90 days Kandi Technologies Group is expected to under-perform the 695156AT6. In addition to that, Kandi Technologies is 6.36 times more volatile than PACKAGING P AMER. It trades about -0.09 of its total potential returns per unit of risk. PACKAGING P AMER is currently generating about 0.01 per unit of volatility. If you would invest 9,423 in PACKAGING P AMER on August 31, 2024 and sell it today you would earn a total of 67.00 from holding PACKAGING P AMER or generate 0.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 81.28% |
| Values | Daily Returns |
Kandi Technologies Group vs. PACKAGING P AMER
Performance |
| Timeline |
| Kandi Technologies |
| PACKAGING P AMER |
Kandi Technologies and 695156AT6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kandi Technologies and 695156AT6
The main advantage of trading using opposite Kandi Technologies and 695156AT6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kandi Technologies position performs unexpectedly, 695156AT6 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 695156AT6 will offset losses from the drop in 695156AT6'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 |
| 695156AT6 vs. Kandi Technologies Group | 695156AT6 vs. Anterix | 695156AT6 vs. Digi International | 695156AT6 vs. Flex |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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