Correlation Between GKHT Medical and Kweichow Moutai
Specify exactly 2 symbols:
By analyzing existing cross correlation between GKHT Medical Technology and Kweichow Moutai Co, you can compare the effects of market volatilities on GKHT Medical 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 GKHT Medical with a short position of Kweichow Moutai. Check out your portfolio center. Please also check ongoing floating volatility patterns of GKHT Medical and Kweichow Moutai.
Diversification Opportunities for GKHT Medical and Kweichow Moutai
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between GKHT and Kweichow is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding GKHT Medical 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 GKHT Medical 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 GKHT Medical 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 GKHT Medical i.e., GKHT Medical and Kweichow Moutai go up and down completely randomly.
Pair Corralation between GKHT Medical and Kweichow Moutai
Assuming the 90 days trading horizon GKHT Medical Technology is expected to generate 1.76 times more return on investment than Kweichow Moutai. However, GKHT Medical is 1.76 times more volatile than Kweichow Moutai Co. It trades about 0.02 of its potential returns per unit of risk. Kweichow Moutai Co is currently generating about -0.01 per unit of risk. If you would invest 1,169 in GKHT Medical Technology on September 5, 2024 and sell it today you would earn a total of 34.00 from holding GKHT Medical Technology or generate 2.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
GKHT Medical Technology vs. Kweichow Moutai Co
Performance |
| Timeline |
| GKHT Medical Technology |
| Kweichow Moutai |
GKHT Medical and Kweichow Moutai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GKHT Medical and Kweichow Moutai
The main advantage of trading using opposite GKHT Medical and Kweichow Moutai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GKHT Medical 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.| GKHT Medical vs. Kweichow Moutai Co | GKHT Medical vs. Contemporary Amperex Technology | GKHT Medical vs. G bits Network Technology | GKHT Medical vs. Beijing Roborock Technology |
| Kweichow Moutai vs. Xiangtan Electrochemical Scientific | Kweichow Moutai vs. North Huajin Chemical | Kweichow Moutai vs. Xinjiang Zhongtai Chemical | Kweichow Moutai vs. Shenzhen SDG Information |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |