Correlation Between KUAISHOU TECHNOLOGY and RTL Group
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By analyzing existing cross correlation between KUAISHOU TECHNOLOGY CLB and RTL Group SA, you can compare the effects of market volatilities on KUAISHOU TECHNOLOGY and RTL Group 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 KUAISHOU TECHNOLOGY with a short position of RTL Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of KUAISHOU TECHNOLOGY and RTL Group.
Diversification Opportunities for KUAISHOU TECHNOLOGY and RTL Group
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between KUAISHOU and RTL is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding KUAISHOU TECHNOLOGY CLB and RTL Group SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RTL Group SA and KUAISHOU 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 KUAISHOU TECHNOLOGY CLB are associated (or correlated) with RTL Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RTL Group SA has no effect on the direction of KUAISHOU TECHNOLOGY i.e., KUAISHOU TECHNOLOGY and RTL Group go up and down completely randomly.
Pair Corralation between KUAISHOU TECHNOLOGY and RTL Group
Assuming the 90 days horizon KUAISHOU TECHNOLOGY CLB is expected to generate 2.02 times more return on investment than RTL Group. However, KUAISHOU TECHNOLOGY is 2.02 times more volatile than RTL Group SA. It trades about 0.06 of its potential returns per unit of risk. RTL Group SA is currently generating about -0.08 per unit of risk. If you would invest 464.00 in KUAISHOU TECHNOLOGY CLB on September 23, 2024 and sell it today you would earn a total of 53.00 from holding KUAISHOU TECHNOLOGY CLB or generate 11.42% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
KUAISHOU TECHNOLOGY CLB vs. RTL Group SA
Performance |
Timeline |
KUAISHOU TECHNOLOGY CLB |
RTL Group SA |
KUAISHOU TECHNOLOGY and RTL Group Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with KUAISHOU TECHNOLOGY and RTL Group
The main advantage of trading using opposite KUAISHOU TECHNOLOGY and RTL Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KUAISHOU TECHNOLOGY position performs unexpectedly, RTL Group 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 RTL Group will offset losses from the drop in RTL Group's long position.KUAISHOU TECHNOLOGY vs. FOX P B | KUAISHOU TECHNOLOGY vs. News Corporation | KUAISHOU TECHNOLOGY vs. RTL GROUP UNSPADR | KUAISHOU TECHNOLOGY vs. RTL Group SA |
RTL Group vs. KUAISHOU TECHNOLOGY CLB | RTL Group vs. FOX P B | RTL Group vs. News Corporation | RTL Group vs. RTL GROUP UNSPADR |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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