Correlation Between Kweichow Moutai and COL Digital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kweichow Moutai Co and COL Digital Publishing, you can compare the effects of market volatilities on Kweichow Moutai and COL Digital 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 COL Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and COL Digital.
Diversification Opportunities for Kweichow Moutai and COL Digital
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kweichow and COL is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co and COL Digital Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COL Digital Publishing 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 COL Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COL Digital Publishing has no effect on the direction of Kweichow Moutai i.e., Kweichow Moutai and COL Digital go up and down completely randomly.
Pair Corralation between Kweichow Moutai and COL Digital
Assuming the 90 days trading horizon Kweichow Moutai is expected to generate 17.4 times less return on investment than COL Digital. But when comparing it to its historical volatility, Kweichow Moutai Co is 3.51 times less risky than COL Digital. It trades about 0.01 of its potential returns per unit of risk. COL Digital Publishing is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 935.00 in COL Digital Publishing on September 28, 2024 and sell it today you would earn a total of 1,650 from holding COL Digital Publishing or generate 176.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kweichow Moutai Co vs. COL Digital Publishing
Performance |
| Timeline |
| Kweichow Moutai |
| COL Digital Publishing |
Kweichow Moutai and COL Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kweichow Moutai and COL Digital
The main advantage of trading using opposite Kweichow Moutai and COL Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai position performs unexpectedly, COL Digital 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 COL Digital will offset losses from the drop in COL Digital's long position.| Kweichow Moutai vs. Wasu Media Holding | Kweichow Moutai vs. Tongyu Communication | Kweichow Moutai vs. Runjian Communication Co | Kweichow Moutai vs. Shuhua Sports Co |
| COL Digital vs. Kweichow Moutai Co | COL Digital vs. Contemporary Amperex Technology | COL Digital vs. G bits Network Technology | COL Digital vs. Beijing Roborock Technology |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |