Correlation Between State Trading and Kingfa Science
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By analyzing existing cross correlation between The State Trading and Kingfa Science Technology, you can compare the effects of market volatilities on State Trading 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 State Trading with a short position of Kingfa Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of State Trading and Kingfa Science.
Diversification Opportunities for State Trading and Kingfa Science
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between State and Kingfa is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding The State Trading 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 State Trading 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 The State Trading 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 State Trading i.e., State Trading and Kingfa Science go up and down completely randomly.
Pair Corralation between State Trading and Kingfa Science
Assuming the 90 days trading horizon The State Trading is expected to under-perform the Kingfa Science. But the stock apears to be less risky and, when comparing its historical volatility, The State Trading is 1.39 times less risky than Kingfa Science. The stock trades about -0.15 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 350,980 in Kingfa Science Technology on November 5, 2024 and sell it today you would lose (25,360) from holding Kingfa Science Technology or give up 7.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
The State Trading vs. Kingfa Science Technology
Performance |
| Timeline |
| State Trading |
| Kingfa Science Technology |
State Trading and Kingfa Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with State Trading and Kingfa Science
The main advantage of trading using opposite State Trading and Kingfa Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if State Trading 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.| State Trading vs. NRB Industrial Bearings | State Trading vs. Apex Frozen Foods | State Trading vs. Hilton Metal Forging | State Trading vs. Indian Metals Ferro |
| Kingfa Science vs. NMDC Limited | Kingfa Science vs. Steel Authority of | Kingfa Science vs. Embassy Office Parks | Kingfa Science vs. Jai Balaji Industries |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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