Correlation Between Fuling Global and Kandi Technologies
Can any of the company-specific risk be diversified away by investing in both Fuling Global and Kandi Technologies at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Fuling Global and Kandi Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fuling Global and Kandi Technologies Group, you can compare the effects of market volatilities on Fuling Global and Kandi Technologies 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 Fuling Global with a short position of Kandi Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fuling Global and Kandi Technologies.
Diversification Opportunities for Fuling Global and Kandi Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Fuling and Kandi is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fuling Global and Kandi Technologies Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kandi Technologies and Fuling Global 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 Fuling Global are associated (or correlated) with Kandi Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kandi Technologies has no effect on the direction of Fuling Global i.e., Fuling Global and Kandi Technologies go up and down completely randomly.
Pair Corralation between Fuling Global and Kandi Technologies
If you would invest (100.00) in Fuling Global on December 29, 2023 and sell it today you would earn a total of 100.00 from holding Fuling Global or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Fuling Global vs. Kandi Technologies Group
Performance |
Timeline |
Fuling Global |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
Kandi Technologies |
Fuling Global and Kandi Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Fuling Global and Kandi Technologies
The main advantage of trading using opposite Fuling Global and Kandi Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fuling Global position performs unexpectedly, Kandi Technologies 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 Kandi Technologies will offset losses from the drop in Kandi Technologies' long position.Fuling Global vs. Griffon | Fuling Global vs. Chester Mining | Fuling Global vs. Summit Materials | Fuling Global vs. Topbuild Corp |
Kandi Technologies vs. Ford Motor | Kandi Technologies vs. General Motors | Kandi Technologies vs. Goodyear Tire Rubber | Kandi Technologies vs. Li AutoInc |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |