Correlation Between Swelect Energy and Kingfa Science
Specify exactly 2 symbols:
By analyzing existing cross correlation between Swelect Energy Systems and Kingfa Science Technology, you can compare the effects of market volatilities on Swelect Energy 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 Swelect Energy with a short position of Kingfa Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of Swelect Energy and Kingfa Science.
Diversification Opportunities for Swelect Energy and Kingfa Science
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Swelect and Kingfa is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Swelect Energy Systems 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 Swelect Energy 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 Swelect Energy Systems 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 Swelect Energy i.e., Swelect Energy and Kingfa Science go up and down completely randomly.
Pair Corralation between Swelect Energy and Kingfa Science
Assuming the 90 days trading horizon Swelect Energy Systems is expected to under-perform the Kingfa Science. But the stock apears to be less risky and, when comparing its historical volatility, Swelect Energy Systems is 2.1 times less risky than Kingfa Science. The stock trades about -0.43 of its potential returns per unit of risk. The Kingfa Science Technology is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 325,905 in Kingfa Science Technology on October 12, 2024 and sell it today you would earn a total of 37,405 from holding Kingfa Science Technology or generate 11.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Swelect Energy Systems vs. Kingfa Science Technology
Performance |
| Timeline |
| Swelect Energy Systems |
| Kingfa Science Technology |
Swelect Energy and Kingfa Science Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Swelect Energy and Kingfa Science
The main advantage of trading using opposite Swelect Energy and Kingfa Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Swelect Energy 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.| Swelect Energy vs. Kingfa Science Technology | Swelect Energy vs. Rico Auto Industries | Swelect Energy vs. GACM Technologies Limited | Swelect Energy vs. COSMO FIRST LIMITED |
| Kingfa Science vs. Ankit Metal Power | Kingfa Science vs. Apex Frozen Foods | Kingfa Science vs. Alkali Metals Limited | Kingfa Science vs. Agro Tech Foods |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |