Correlation Between Mold Tek and Kingfa Science
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By analyzing existing cross correlation between Mold Tek Packaging Limited and Kingfa Science Technology, you can compare the effects of market volatilities on Mold Tek and Kingfa Science 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 Mold Tek with a short position of Kingfa Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mold Tek and Kingfa Science.
Diversification Opportunities for Mold Tek and Kingfa Science
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Mold and Kingfa is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Mold Tek Packaging Limited and Kingfa Science Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingfa Science Technology and Mold Tek 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 Mold Tek Packaging Limited are associated (or correlated) with Kingfa Science. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingfa Science Technology has no effect on the direction of Mold Tek i.e., Mold Tek and Kingfa Science go up and down completely randomly.
Pair Corralation between Mold Tek and Kingfa Science
Assuming the 90 days trading horizon Mold Tek Packaging Limited is expected to under-perform the Kingfa Science. But the stock apears to be less risky and, when comparing its historical volatility, Mold Tek Packaging Limited is 1.91 times less risky than Kingfa Science. The stock trades about -0.05 of its potential returns per unit of risk. The Kingfa Science Technology is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 189,809 in Kingfa Science Technology on September 12, 2024 and sell it today you would earn a total of 134,146 from holding Kingfa Science Technology or generate 70.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.42% |
| Values | Daily Returns |
Mold Tek Packaging Limited vs. Kingfa Science Technology
Performance |
| Timeline |
| Mold Tek Packaging |
| Kingfa Science Technology |
Mold Tek and Kingfa Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mold Tek and Kingfa Science
The main advantage of trading using opposite Mold Tek and Kingfa Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mold Tek position performs unexpectedly, Kingfa Science 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 Kingfa Science will offset losses from the drop in Kingfa Science's long position.| Mold Tek vs. Kingfa Science Technology | Mold Tek vs. LLOYDS METALS AND | Mold Tek vs. LT Technology Services | Mold Tek vs. Reliance Industrial Infrastructure |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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