Correlation Between Anker Innovations and Kweichow Moutai
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By analyzing existing cross correlation between Anker Innovations Technology and Kweichow Moutai Co, you can compare the effects of market volatilities on Anker Innovations 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 Anker Innovations with a short position of Kweichow Moutai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anker Innovations and Kweichow Moutai.
Diversification Opportunities for Anker Innovations and Kweichow Moutai
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anker and Kweichow is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Anker Innovations Technology and Kweichow Moutai Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kweichow Moutai and Anker Innovations 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 Anker Innovations Technology 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 Anker Innovations i.e., Anker Innovations and Kweichow Moutai go up and down completely randomly.
Pair Corralation between Anker Innovations and Kweichow Moutai
Assuming the 90 days trading horizon Anker Innovations Technology is expected to generate 1.82 times more return on investment than Kweichow Moutai. However, Anker Innovations is 1.82 times more volatile than Kweichow Moutai Co. It trades about 0.08 of its potential returns per unit of risk. Kweichow Moutai Co is currently generating about -0.02 per unit of risk. If you would invest 4,715 in Anker Innovations Technology on October 30, 2024 and sell it today you would earn a total of 6,137 from holding Anker Innovations Technology or generate 130.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anker Innovations Technology vs. Kweichow Moutai Co
Performance |
| Timeline |
| Anker Innovations |
| Kweichow Moutai |
Anker Innovations and Kweichow Moutai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anker Innovations and Kweichow Moutai
The main advantage of trading using opposite Anker Innovations and Kweichow Moutai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anker Innovations 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.| Anker Innovations vs. MayAir Technology Co | Anker Innovations vs. Eyebright Medical Technology | Anker Innovations vs. Harbin Air Conditioning | Anker Innovations vs. Kingclean Electric Co |
| Kweichow Moutai vs. Shanghai Yanpu Metal | Kweichow Moutai vs. Citic Guoan Wine | Kweichow Moutai vs. UCloud Technology Co | Kweichow Moutai vs. Maxvision Technology Corp |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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