Correlation Between Foxconn Industrial and KSEC Intelligent
Specify exactly 2 symbols:
By analyzing existing cross correlation between Foxconn Industrial Internet and KSEC Intelligent Technology, you can compare the effects of market volatilities on Foxconn Industrial and KSEC Intelligent 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 Foxconn Industrial with a short position of KSEC Intelligent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Foxconn Industrial and KSEC Intelligent.
Diversification Opportunities for Foxconn Industrial and KSEC Intelligent
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Foxconn and KSEC is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Foxconn Industrial Internet and KSEC Intelligent Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KSEC Intelligent Tec and Foxconn Industrial 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 Foxconn Industrial Internet are associated (or correlated) with KSEC Intelligent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KSEC Intelligent Tec has no effect on the direction of Foxconn Industrial i.e., Foxconn Industrial and KSEC Intelligent go up and down completely randomly.
Pair Corralation between Foxconn Industrial and KSEC Intelligent
Assuming the 90 days trading horizon Foxconn Industrial Internet is expected to generate 0.97 times more return on investment than KSEC Intelligent. However, Foxconn Industrial Internet is 1.03 times less risky than KSEC Intelligent. It trades about 0.07 of its potential returns per unit of risk. KSEC Intelligent Technology is currently generating about 0.02 per unit of risk. If you would invest 926.00 in Foxconn Industrial Internet on September 26, 2024 and sell it today you would earn a total of 1,374 from holding Foxconn Industrial Internet or generate 148.38% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Foxconn Industrial Internet vs. KSEC Intelligent Technology
Performance |
Timeline |
Foxconn Industrial |
KSEC Intelligent Tec |
Foxconn Industrial and KSEC Intelligent Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Foxconn Industrial and KSEC Intelligent
The main advantage of trading using opposite Foxconn Industrial and KSEC Intelligent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Foxconn Industrial position performs unexpectedly, KSEC Intelligent 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 KSEC Intelligent will offset losses from the drop in KSEC Intelligent's long position.Foxconn Industrial vs. Industrial and Commercial | Foxconn Industrial vs. China Construction Bank | Foxconn Industrial vs. Agricultural Bank of | Foxconn Industrial vs. Bank of China |
KSEC Intelligent vs. Kweichow Moutai Co | KSEC Intelligent vs. Shenzhen Mindray Bio Medical | KSEC Intelligent vs. Jiangsu Pacific Quartz | KSEC Intelligent vs. G bits Network Technology |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
Global Correlations Find global opportunities by holding instruments from different markets | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |