Correlation Between Sky Gold and Kingfa Science
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By analyzing existing cross correlation between Sky Gold Limited and Kingfa Science Technology, you can compare the effects of market volatilities on Sky Gold 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 Sky Gold with a short position of Kingfa Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sky Gold and Kingfa Science.
Diversification Opportunities for Sky Gold and Kingfa Science
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sky and Kingfa is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Sky Gold 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 Sky Gold 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 Sky Gold 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 Sky Gold i.e., Sky Gold and Kingfa Science go up and down completely randomly.
Pair Corralation between Sky Gold and Kingfa Science
Assuming the 90 days trading horizon Sky Gold Limited is expected to generate 57.87 times more return on investment than Kingfa Science. However, Sky Gold is 57.87 times more volatile than Kingfa Science Technology. It trades about 0.14 of its potential returns per unit of risk. Kingfa Science Technology is currently generating about 0.14 per unit of risk. If you would invest 33,471 in Sky Gold Limited on October 9, 2024 and sell it today you would earn a total of 3,644 from holding Sky Gold Limited or generate 10.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sky Gold Limited vs. Kingfa Science Technology
Performance |
| Timeline |
| Sky Gold Limited |
| Kingfa Science Technology |
Sky Gold and Kingfa Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sky Gold and Kingfa Science
The main advantage of trading using opposite Sky Gold and Kingfa Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sky Gold 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.| Sky Gold vs. Reliance Industries Limited | Sky Gold vs. HDFC Bank Limited | Sky Gold vs. Tata Consultancy Services | Sky Gold vs. Bharti Airtel Limited |
| Kingfa Science vs. Dhunseri Investments Limited | Kingfa Science vs. Sarveshwar Foods Limited | Kingfa Science vs. Parag Milk Foods | Kingfa Science vs. The Investment Trust |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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