Correlation Between Shenzhen Silver and Keeson Technology
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By analyzing existing cross correlation between Shenzhen Silver Basis and Keeson Technology Corp, you can compare the effects of market volatilities on Shenzhen Silver and Keeson Technology 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 Shenzhen Silver with a short position of Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Silver and Keeson Technology.
Diversification Opportunities for Shenzhen Silver and Keeson Technology
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shenzhen and Keeson is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Silver Basis and Keeson Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keeson Technology Corp and Shenzhen Silver 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 Shenzhen Silver Basis are associated (or correlated) with Keeson Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keeson Technology Corp has no effect on the direction of Shenzhen Silver i.e., Shenzhen Silver and Keeson Technology go up and down completely randomly.
Pair Corralation between Shenzhen Silver and Keeson Technology
Assuming the 90 days trading horizon Shenzhen Silver is expected to generate 1.82 times less return on investment than Keeson Technology. In addition to that, Shenzhen Silver is 1.32 times more volatile than Keeson Technology Corp. It trades about 0.07 of its total potential returns per unit of risk. Keeson Technology Corp is currently generating about 0.16 per unit of volatility. If you would invest 834.00 in Keeson Technology Corp on September 25, 2024 and sell it today you would earn a total of 289.00 from holding Keeson Technology Corp or generate 34.65% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 98.33% |
Values | Daily Returns |
Shenzhen Silver Basis vs. Keeson Technology Corp
Performance |
Timeline |
Shenzhen Silver Basis |
Keeson Technology Corp |
Shenzhen Silver and Keeson Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shenzhen Silver and Keeson Technology
The main advantage of trading using opposite Shenzhen Silver and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Silver position performs unexpectedly, Keeson Technology 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 Keeson Technology will offset losses from the drop in Keeson Technology's long position.Shenzhen Silver vs. Bank of China | Shenzhen Silver vs. Kweichow Moutai Co | Shenzhen Silver vs. PetroChina Co Ltd | Shenzhen Silver vs. Bank of Communications |
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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