Correlation Between Kangyue Technology and Tianjin Pengling
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By analyzing existing cross correlation between Kangyue Technology Co and Tianjin Pengling Rubber, you can compare the effects of market volatilities on Kangyue Technology and Tianjin Pengling 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 Kangyue Technology with a short position of Tianjin Pengling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and Tianjin Pengling.
Diversification Opportunities for Kangyue Technology and Tianjin Pengling
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kangyue and Tianjin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue Technology Co and Tianjin Pengling Rubber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Pengling Rubber and Kangyue 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 Kangyue Technology Co are associated (or correlated) with Tianjin Pengling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Pengling Rubber has no effect on the direction of Kangyue Technology i.e., Kangyue Technology and Tianjin Pengling go up and down completely randomly.
Pair Corralation between Kangyue Technology and Tianjin Pengling
If you would invest 394.00 in Tianjin Pengling Rubber on September 7, 2024 and sell it today you would earn a total of 139.00 from holding Tianjin Pengling Rubber or generate 35.28% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Kangyue Technology Co vs. Tianjin Pengling Rubber
Performance |
Timeline |
Kangyue Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Tianjin Pengling Rubber |
Kangyue Technology and Tianjin Pengling Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kangyue Technology and Tianjin Pengling
The main advantage of trading using opposite Kangyue Technology and Tianjin Pengling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue Technology position performs unexpectedly, Tianjin Pengling 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 Tianjin Pengling will offset losses from the drop in Tianjin Pengling's long position.Kangyue Technology vs. GreenTech Environmental Co | Kangyue Technology vs. Lingyuan Iron Steel | Kangyue Technology vs. Zhongrun Resources Investment | Kangyue Technology vs. Tianjin Capital Environmental |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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