Correlation Between Konfoong Materials and Kidswant Children
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By analyzing existing cross correlation between Konfoong Materials International and Kidswant Children Products, you can compare the effects of market volatilities on Konfoong Materials and Kidswant Children 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 Konfoong Materials with a short position of Kidswant Children. Check out your portfolio center. Please also check ongoing floating volatility patterns of Konfoong Materials and Kidswant Children.
Diversification Opportunities for Konfoong Materials and Kidswant Children
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Konfoong and Kidswant is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Konfoong Materials Internation and Kidswant Children Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kidswant Children and Konfoong Materials 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 Konfoong Materials International are associated (or correlated) with Kidswant Children. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kidswant Children has no effect on the direction of Konfoong Materials i.e., Konfoong Materials and Kidswant Children go up and down completely randomly.
Pair Corralation between Konfoong Materials and Kidswant Children
Assuming the 90 days trading horizon Konfoong Materials International is expected to under-perform the Kidswant Children. But the stock apears to be less risky and, when comparing its historical volatility, Konfoong Materials International is 1.69 times less risky than Kidswant Children. The stock trades about -0.05 of its potential returns per unit of risk. The Kidswant Children Products is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,207 in Kidswant Children Products on November 19, 2024 and sell it today you would earn a total of 75.00 from holding Kidswant Children Products or generate 6.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Konfoong Materials Internation vs. Kidswant Children Products
Performance |
Timeline |
Konfoong Materials |
Kidswant Children |
Konfoong Materials and Kidswant Children Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Konfoong Materials and Kidswant Children
The main advantage of trading using opposite Konfoong Materials and Kidswant Children positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Konfoong Materials position performs unexpectedly, Kidswant Children 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 Kidswant Children will offset losses from the drop in Kidswant Children's long position.Konfoong Materials vs. Thunder Software Technology | ||
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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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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