Correlation Between Kunwu Jiuding and Flat Glass
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By analyzing existing cross correlation between Kunwu Jiuding Investment and Flat Glass Group, you can compare the effects of market volatilities on Kunwu Jiuding and Flat Glass 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 Kunwu Jiuding with a short position of Flat Glass. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kunwu Jiuding and Flat Glass.
Diversification Opportunities for Kunwu Jiuding and Flat Glass
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kunwu and Flat is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Kunwu Jiuding Investment and Flat Glass Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flat Glass Group and Kunwu Jiuding 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 Kunwu Jiuding Investment are associated (or correlated) with Flat Glass. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flat Glass Group has no effect on the direction of Kunwu Jiuding i.e., Kunwu Jiuding and Flat Glass go up and down completely randomly.
Pair Corralation between Kunwu Jiuding and Flat Glass
Assuming the 90 days trading horizon Kunwu Jiuding Investment is expected to generate 0.97 times more return on investment than Flat Glass. However, Kunwu Jiuding Investment is 1.03 times less risky than Flat Glass. It trades about 0.04 of its potential returns per unit of risk. Flat Glass Group is currently generating about -0.03 per unit of risk. If you would invest 1,329 in Kunwu Jiuding Investment on October 13, 2024 and sell it today you would earn a total of 135.00 from holding Kunwu Jiuding Investment or generate 10.16% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 99.3% |
Values | Daily Returns |
Kunwu Jiuding Investment vs. Flat Glass Group
Performance |
Timeline |
Kunwu Jiuding Investment |
Flat Glass Group |
Kunwu Jiuding and Flat Glass Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kunwu Jiuding and Flat Glass
The main advantage of trading using opposite Kunwu Jiuding and Flat Glass positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kunwu Jiuding position performs unexpectedly, Flat Glass 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 Flat Glass will offset losses from the drop in Flat Glass' long position.Kunwu Jiuding vs. New Hope Dairy | Kunwu Jiuding vs. JuneYao Dairy Co | Kunwu Jiuding vs. Bohai Leasing Co | Kunwu Jiuding vs. Qingdao Foods 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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