Correlation Between Hunan TV and Kweichow Moutai
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By analyzing existing cross correlation between Hunan TV Broadcast and Kweichow Moutai Co, you can compare the effects of market volatilities on Hunan TV and Kweichow Moutai 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 Hunan TV with a short position of Kweichow Moutai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan TV and Kweichow Moutai.
Diversification Opportunities for Hunan TV and Kweichow Moutai
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hunan and Kweichow is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Hunan TV Broadcast and Kweichow Moutai Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kweichow Moutai and Hunan TV 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 Hunan TV Broadcast are associated (or correlated) with Kweichow Moutai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kweichow Moutai has no effect on the direction of Hunan TV i.e., Hunan TV and Kweichow Moutai go up and down completely randomly.
Pair Corralation between Hunan TV and Kweichow Moutai
Assuming the 90 days trading horizon Hunan TV Broadcast is expected to generate 4.1 times more return on investment than Kweichow Moutai. However, Hunan TV is 4.1 times more volatile than Kweichow Moutai Co. It trades about 0.0 of its potential returns per unit of risk. Kweichow Moutai Co is currently generating about -0.17 per unit of risk. If you would invest 880.00 in Hunan TV Broadcast on September 12, 2024 and sell it today you would lose (14.00) from holding Hunan TV Broadcast or give up 1.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan TV Broadcast vs. Kweichow Moutai Co
Performance |
| Timeline |
| Hunan TV Broadcast |
| Kweichow Moutai |
Hunan TV and Kweichow Moutai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan TV and Kweichow Moutai
The main advantage of trading using opposite Hunan TV and Kweichow Moutai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan TV position performs unexpectedly, Kweichow Moutai 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 Kweichow Moutai will offset losses from the drop in Kweichow Moutai's long position.| Hunan TV vs. Kweichow Moutai Co | Hunan TV vs. Shenzhen Mindray Bio Medical | Hunan TV vs. G bits Network Technology | Hunan TV vs. Beijing Roborock Technology |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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