Correlation Between Beijing Roborock and Kingnet Network
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Roborock Technology and Kingnet Network Co, you can compare the effects of market volatilities on Beijing Roborock and Kingnet Network 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 Beijing Roborock with a short position of Kingnet Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Kingnet Network.
Diversification Opportunities for Beijing Roborock and Kingnet Network
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Kingnet is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Kingnet Network Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingnet Network and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Kingnet Network. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingnet Network has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Kingnet Network go up and down completely randomly.
Pair Corralation between Beijing Roborock and Kingnet Network
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Kingnet Network. In addition to that, Beijing Roborock is 1.48 times more volatile than Kingnet Network Co. It trades about 0.0 of its total potential returns per unit of risk. Kingnet Network Co is currently generating about 0.23 per unit of volatility. If you would invest 918.00 in Kingnet Network Co on September 23, 2024 and sell it today you would earn a total of 491.00 from holding Kingnet Network Co or generate 53.49% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Beijing Roborock Technology vs. Kingnet Network Co
Performance |
Timeline |
Beijing Roborock Tec |
Kingnet Network |
Beijing Roborock and Kingnet Network Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Beijing Roborock and Kingnet Network
The main advantage of trading using opposite Beijing Roborock and Kingnet Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Kingnet Network 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 Kingnet Network will offset losses from the drop in Kingnet Network's long position.Beijing Roborock vs. Youyou Foods Co | Beijing Roborock vs. Shandong Hi Speed RoadBridge | Beijing Roborock vs. Sichuan Fulin Transportation | Beijing Roborock vs. Beijing Sanyuan Foods |
Kingnet Network vs. BeiGene | Kingnet Network vs. Kweichow Moutai Co | Kingnet Network vs. Beijing Roborock Technology | Kingnet Network vs. G bits Network Technology |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Global Correlations Find global opportunities by holding instruments from different markets | |
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |