Correlation Between INKON Life and Holitech Technology
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By analyzing existing cross correlation between INKON Life Technology and Holitech Technology Co, you can compare the effects of market volatilities on INKON Life and Holitech 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 INKON Life with a short position of Holitech Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of INKON Life and Holitech Technology.
Diversification Opportunities for INKON Life and Holitech Technology
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between INKON and Holitech is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding INKON Life Technology and Holitech Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Holitech Technology and INKON Life 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 INKON Life Technology are associated (or correlated) with Holitech Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Holitech Technology has no effect on the direction of INKON Life i.e., INKON Life and Holitech Technology go up and down completely randomly.
Pair Corralation between INKON Life and Holitech Technology
Assuming the 90 days trading horizon INKON Life is expected to generate 3.06 times less return on investment than Holitech Technology. In addition to that, INKON Life is 1.25 times more volatile than Holitech Technology Co. It trades about 0.08 of its total potential returns per unit of risk. Holitech Technology Co is currently generating about 0.31 per unit of volatility. If you would invest 134.00 in Holitech Technology Co on September 26, 2024 and sell it today you would earn a total of 108.00 from holding Holitech Technology Co or generate 80.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
INKON Life Technology vs. Holitech Technology Co
Performance |
Timeline |
INKON Life Technology |
Holitech Technology |
INKON Life and Holitech Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with INKON Life and Holitech Technology
The main advantage of trading using opposite INKON Life and Holitech Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INKON Life position performs unexpectedly, Holitech 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 Holitech Technology will offset losses from the drop in Holitech Technology's long position.INKON Life vs. Cultural Investment Holdings | INKON Life vs. Gome Telecom Equipment | INKON Life vs. Bus Online Co | INKON Life vs. Holitech Technology Co |
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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