Correlation Between Kweichow Moutai and By Health
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By analyzing existing cross correlation between Kweichow Moutai Co and By health, you can compare the effects of market volatilities on Kweichow Moutai and By Health 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 Kweichow Moutai with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and By Health.
Diversification Opportunities for Kweichow Moutai and By Health
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kweichow and 300146 is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Kweichow Moutai 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 Kweichow Moutai Co are associated (or correlated) with By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Kweichow Moutai i.e., Kweichow Moutai and By Health go up and down completely randomly.
Pair Corralation between Kweichow Moutai and By Health
Assuming the 90 days trading horizon Kweichow Moutai Co is expected to generate 0.72 times more return on investment than By Health. However, Kweichow Moutai Co is 1.4 times less risky than By Health. It trades about 0.0 of its potential returns per unit of risk. By health is currently generating about -0.03 per unit of risk. If you would invest 152,779 in Kweichow Moutai Co on September 1, 2024 and sell it today you would lose (205.00) from holding Kweichow Moutai Co or give up 0.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kweichow Moutai Co vs. By health
Performance |
| Timeline |
| Kweichow Moutai |
| By health |
Kweichow Moutai and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kweichow Moutai and By Health
The main advantage of trading using opposite Kweichow Moutai and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Kweichow Moutai vs. Shenzhen Glory Medical | Kweichow Moutai vs. Qingdao Haier Biomedical | Kweichow Moutai vs. Winner Medical Co | Kweichow Moutai vs. Anhui Jianghuai Automobile |
| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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