Correlation Between 08949LAB6 and Kandi Technologies
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By analyzing existing cross correlation between BIG RIV STL and Kandi Technologies Group, you can compare the effects of market volatilities on 08949LAB6 and Kandi Technologies 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 08949LAB6 with a short position of Kandi Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of 08949LAB6 and Kandi Technologies.
Diversification Opportunities for 08949LAB6 and Kandi Technologies
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 08949LAB6 and Kandi is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding BIG RIV STL and Kandi Technologies Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kandi Technologies and 08949LAB6 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 BIG RIV STL are associated (or correlated) with Kandi Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kandi Technologies has no effect on the direction of 08949LAB6 i.e., 08949LAB6 and Kandi Technologies go up and down completely randomly.
Pair Corralation between 08949LAB6 and Kandi Technologies
Assuming the 90 days trading horizon BIG RIV STL is expected to generate 0.23 times more return on investment than Kandi Technologies. However, BIG RIV STL is 4.36 times less risky than Kandi Technologies. It trades about -0.23 of its potential returns per unit of risk. Kandi Technologies Group is currently generating about -0.3 per unit of risk. If you would invest 10,078 in BIG RIV STL on September 13, 2024 and sell it today you would lose (344.00) from holding BIG RIV STL or give up 3.41% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 80.95% |
| Values | Daily Returns |
BIG RIV STL vs. Kandi Technologies Group
Performance |
| Timeline |
| BIG RIV STL |
| Kandi Technologies |
08949LAB6 and Kandi Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 08949LAB6 and Kandi Technologies
The main advantage of trading using opposite 08949LAB6 and Kandi Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 08949LAB6 position performs unexpectedly, Kandi Technologies 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 Kandi Technologies will offset losses from the drop in Kandi Technologies' long position.| 08949LAB6 vs. SEI Investments | 08949LAB6 vs. Black Hills | 08949LAB6 vs. ChargePoint Holdings | 08949LAB6 vs. Fidus Investment Corp |
| Kandi Technologies vs. Hyliion Holdings Corp | Kandi Technologies vs. Foresight Autonomous Holdings | Kandi Technologies vs. Aeva Technologies | Kandi Technologies vs. Aeye Inc |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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