Correlation Between Kandi Technologies and NESNVX
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By analyzing existing cross correlation between Kandi Technologies Group and NESNVX 625 15 JAN 26, you can compare the effects of market volatilities on Kandi Technologies and NESNVX 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 Kandi Technologies with a short position of NESNVX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kandi Technologies and NESNVX.
Diversification Opportunities for Kandi Technologies and NESNVX
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Kandi and NESNVX is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Kandi Technologies Group and NESNVX 625 15 JAN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NESNVX 625 15 and Kandi Technologies 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 Kandi Technologies Group are associated (or correlated) with NESNVX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NESNVX 625 15 has no effect on the direction of Kandi Technologies i.e., Kandi Technologies and NESNVX go up and down completely randomly.
Pair Corralation between Kandi Technologies and NESNVX
Given the investment horizon of 90 days Kandi Technologies Group is expected to generate 2.15 times more return on investment than NESNVX. However, Kandi Technologies is 2.15 times more volatile than NESNVX 625 15 JAN 26. It trades about 0.06 of its potential returns per unit of risk. NESNVX 625 15 JAN 26 is currently generating about -0.08 per unit of risk. If you would invest 115.00 in Kandi Technologies Group on October 3, 2024 and sell it today you would earn a total of 5.00 from holding Kandi Technologies Group or generate 4.35% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 33.33% |
Values | Daily Returns |
Kandi Technologies Group vs. NESNVX 625 15 JAN 26
Performance |
Timeline |
Kandi Technologies |
NESNVX 625 15 |
Kandi Technologies and NESNVX Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kandi Technologies and NESNVX
The main advantage of trading using opposite Kandi Technologies and NESNVX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kandi Technologies position performs unexpectedly, NESNVX 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 NESNVX will offset losses from the drop in NESNVX's long position.Kandi Technologies vs. Hyliion Holdings Corp | Kandi Technologies vs. Foresight Autonomous Holdings | Kandi Technologies vs. Aeva Technologies | Kandi Technologies vs. Aeye Inc |
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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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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