Correlation Between Kidswant Children and Shenzhen Kexin
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By analyzing existing cross correlation between Kidswant Children Products and Shenzhen Kexin Communication, you can compare the effects of market volatilities on Kidswant Children and Shenzhen Kexin 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 Kidswant Children with a short position of Shenzhen Kexin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kidswant Children and Shenzhen Kexin.
Diversification Opportunities for Kidswant Children and Shenzhen Kexin
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Kidswant and Shenzhen is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Kidswant Children Products and Shenzhen Kexin Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Kexin Commu and Kidswant Children 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 Kidswant Children Products are associated (or correlated) with Shenzhen Kexin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Kexin Commu has no effect on the direction of Kidswant Children i.e., Kidswant Children and Shenzhen Kexin go up and down completely randomly.
Pair Corralation between Kidswant Children and Shenzhen Kexin
Assuming the 90 days trading horizon Kidswant Children Products is expected to generate 1.28 times more return on investment than Shenzhen Kexin. However, Kidswant Children is 1.28 times more volatile than Shenzhen Kexin Communication. It trades about 0.07 of its potential returns per unit of risk. Shenzhen Kexin Communication is currently generating about -0.12 per unit of risk. If you would invest 1,118 in Kidswant Children Products on October 31, 2024 and sell it today you would earn a total of 163.00 from holding Kidswant Children Products or generate 14.58% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Kidswant Children Products vs. Shenzhen Kexin Communication
Performance |
Timeline |
Kidswant Children |
Shenzhen Kexin Commu |
Kidswant Children and Shenzhen Kexin Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kidswant Children and Shenzhen Kexin
The main advantage of trading using opposite Kidswant Children and Shenzhen Kexin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kidswant Children position performs unexpectedly, Shenzhen Kexin 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 Shenzhen Kexin will offset losses from the drop in Shenzhen Kexin's long position.Kidswant Children vs. Konfoong Materials International | ||
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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