Correlation Between Sichuan Hebang and Kronos Worldwide
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By analyzing existing cross correlation between Sichuan Hebang Biotechnology and Kronos Worldwide, you can compare the effects of market volatilities on Sichuan Hebang and Kronos Worldwide 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 Sichuan Hebang with a short position of Kronos Worldwide. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Hebang and Kronos Worldwide.
Diversification Opportunities for Sichuan Hebang and Kronos Worldwide
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sichuan and Kronos is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Hebang Biotechnology and Kronos Worldwide in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kronos Worldwide and Sichuan Hebang 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 Sichuan Hebang Biotechnology are associated (or correlated) with Kronos Worldwide. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kronos Worldwide has no effect on the direction of Sichuan Hebang i.e., Sichuan Hebang and Kronos Worldwide go up and down completely randomly.
Pair Corralation between Sichuan Hebang and Kronos Worldwide
Assuming the 90 days trading horizon Sichuan Hebang Biotechnology is expected to generate 0.77 times more return on investment than Kronos Worldwide. However, Sichuan Hebang Biotechnology is 1.29 times less risky than Kronos Worldwide. It trades about 0.18 of its potential returns per unit of risk. Kronos Worldwide is currently generating about -0.12 per unit of risk. If you would invest 185.00 in Sichuan Hebang Biotechnology on August 14, 2025 and sell it today you would earn a total of 45.00 from holding Sichuan Hebang Biotechnology or generate 24.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 92.06% |
| Values | Daily Returns |
Sichuan Hebang Biotechnology vs. Kronos Worldwide
Performance |
| Timeline |
| Sichuan Hebang Biote |
| Kronos Worldwide |
Sichuan Hebang and Kronos Worldwide Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Hebang and Kronos Worldwide
The main advantage of trading using opposite Sichuan Hebang and Kronos Worldwide positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Hebang position performs unexpectedly, Kronos Worldwide 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 Kronos Worldwide will offset losses from the drop in Kronos Worldwide's long position.| Sichuan Hebang vs. Zijin Mining Group | Sichuan Hebang vs. Wanhua Chemical Group | Sichuan Hebang vs. Baoshan Iron Steel | Sichuan Hebang vs. Shandong Gold Mining |
| Kronos Worldwide vs. Gevo Inc | Kronos Worldwide vs. Tronox Holdings PLC | Kronos Worldwide vs. AdvanSix | Kronos Worldwide vs. Cementos Pacasmayo SAA |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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