Correlation Between Jiugui Liquor and Kingsignal Technology
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By analyzing existing cross correlation between Jiugui Liquor Co and Kingsignal Technology Co, you can compare the effects of market volatilities on Jiugui Liquor and Kingsignal Technology 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 Jiugui Liquor with a short position of Kingsignal Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiugui Liquor and Kingsignal Technology.
Diversification Opportunities for Jiugui Liquor and Kingsignal Technology
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiugui and Kingsignal is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Jiugui Liquor Co and Kingsignal Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingsignal Technology and Jiugui Liquor 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 Jiugui Liquor Co are associated (or correlated) with Kingsignal Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingsignal Technology has no effect on the direction of Jiugui Liquor i.e., Jiugui Liquor and Kingsignal Technology go up and down completely randomly.
Pair Corralation between Jiugui Liquor and Kingsignal Technology
Assuming the 90 days trading horizon Jiugui Liquor is expected to generate 1.56 times less return on investment than Kingsignal Technology. But when comparing it to its historical volatility, Jiugui Liquor Co is 1.4 times less risky than Kingsignal Technology. It trades about 0.06 of its potential returns per unit of risk. Kingsignal Technology Co is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 733.00 in Kingsignal Technology Co on August 31, 2024 and sell it today you would earn a total of 181.00 from holding Kingsignal Technology Co or generate 24.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiugui Liquor Co vs. Kingsignal Technology Co
Performance |
| Timeline |
| Jiugui Liquor |
| Kingsignal Technology |
Jiugui Liquor and Kingsignal Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiugui Liquor and Kingsignal Technology
The main advantage of trading using opposite Jiugui Liquor and Kingsignal Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiugui Liquor position performs unexpectedly, Kingsignal Technology 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 Kingsignal Technology will offset losses from the drop in Kingsignal Technology's long position.| Jiugui Liquor vs. Sichuan Fulin Transportation | Jiugui Liquor vs. China Asset Management | Jiugui Liquor vs. Sanbo Hospital Management | Jiugui Liquor vs. Northern United Publishing |
| Kingsignal Technology vs. Kweichow Moutai Co | Kingsignal Technology vs. NAURA Technology Group | Kingsignal Technology vs. APT Medical | Kingsignal Technology vs. Contemporary Amperex 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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