Correlation Between Keda Clean and Jiugui Liquor
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By analyzing existing cross correlation between Keda Clean Energy and Jiugui Liquor Co, you can compare the effects of market volatilities on Keda Clean and Jiugui Liquor 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 Keda Clean with a short position of Jiugui Liquor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and Jiugui Liquor.
Diversification Opportunities for Keda Clean and Jiugui Liquor
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Keda and Jiugui is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and Jiugui Liquor Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiugui Liquor and Keda Clean 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 Keda Clean Energy are associated (or correlated) with Jiugui Liquor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiugui Liquor has no effect on the direction of Keda Clean i.e., Keda Clean and Jiugui Liquor go up and down completely randomly.
Pair Corralation between Keda Clean and Jiugui Liquor
Assuming the 90 days trading horizon Keda Clean Energy is expected to generate 0.52 times more return on investment than Jiugui Liquor. However, Keda Clean Energy is 1.93 times less risky than Jiugui Liquor. It trades about 0.14 of its potential returns per unit of risk. Jiugui Liquor Co is currently generating about -0.38 per unit of risk. If you would invest 780.00 in Keda Clean Energy on November 1, 2024 and sell it today you would earn a total of 30.00 from holding Keda Clean Energy or generate 3.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. Jiugui Liquor Co
Performance |
| Timeline |
| Keda Clean Energy |
| Jiugui Liquor |
Keda Clean and Jiugui Liquor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and Jiugui Liquor
The main advantage of trading using opposite Keda Clean and Jiugui Liquor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean position performs unexpectedly, Jiugui Liquor 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 Jiugui Liquor will offset losses from the drop in Jiugui Liquor's long position.| Keda Clean vs. Shuhua Sports Co | Keda Clean vs. Allwin Telecommunication Co | Keda Clean vs. TianJin 712 Communication | Keda Clean vs. Wuhan Yangtze Communication |
| Jiugui Liquor vs. Chengdu Kanghua Biological | Jiugui Liquor vs. Beijing Wantai Biological | Jiugui Liquor vs. Suzhou Novoprotein Scientific | Jiugui Liquor vs. Aluminum Corp of |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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