Correlation Between Kingsignal Technology and Gansu Jiu
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By analyzing existing cross correlation between Kingsignal Technology Co and Gansu Jiu Steel, you can compare the effects of market volatilities on Kingsignal Technology and Gansu Jiu 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 Kingsignal Technology with a short position of Gansu Jiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsignal Technology and Gansu Jiu.
Diversification Opportunities for Kingsignal Technology and Gansu Jiu
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kingsignal and Gansu is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Kingsignal Technology Co and Gansu Jiu Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gansu Jiu Steel and Kingsignal Technology 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 Kingsignal Technology Co are associated (or correlated) with Gansu Jiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gansu Jiu Steel has no effect on the direction of Kingsignal Technology i.e., Kingsignal Technology and Gansu Jiu go up and down completely randomly.
Pair Corralation between Kingsignal Technology and Gansu Jiu
Assuming the 90 days trading horizon Kingsignal Technology Co is expected to generate 1.18 times more return on investment than Gansu Jiu. However, Kingsignal Technology is 1.18 times more volatile than Gansu Jiu Steel. It trades about 0.17 of its potential returns per unit of risk. Gansu Jiu Steel is currently generating about 0.2 per unit of risk. If you would invest 653.00 in Kingsignal Technology Co on September 13, 2024 and sell it today you would earn a total of 337.00 from holding Kingsignal Technology Co or generate 51.61% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 98.28% |
Values | Daily Returns |
Kingsignal Technology Co vs. Gansu Jiu Steel
Performance |
Timeline |
Kingsignal Technology |
Gansu Jiu Steel |
Kingsignal Technology and Gansu Jiu Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kingsignal Technology and Gansu Jiu
The main advantage of trading using opposite Kingsignal Technology and Gansu Jiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsignal Technology position performs unexpectedly, Gansu Jiu 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 Gansu Jiu will offset losses from the drop in Gansu Jiu's long position.Kingsignal Technology vs. Industrial and Commercial | Kingsignal Technology vs. China Construction Bank | Kingsignal Technology vs. Bank of China | Kingsignal Technology vs. Agricultural Bank of |
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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 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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