Correlation Between Kweichow Moutai and Harvest Fund
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By analyzing existing cross correlation between Kweichow Moutai Co and Harvest Fund Management, you can compare the effects of market volatilities on Kweichow Moutai and Harvest Fund 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 Harvest Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and Harvest Fund.
Diversification Opportunities for Kweichow Moutai and Harvest Fund
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kweichow and Harvest is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co and Harvest Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harvest Fund Management 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 Harvest Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harvest Fund Management has no effect on the direction of Kweichow Moutai i.e., Kweichow Moutai and Harvest Fund go up and down completely randomly.
Pair Corralation between Kweichow Moutai and Harvest Fund
Assuming the 90 days trading horizon Kweichow Moutai Co is expected to generate 1.21 times more return on investment than Harvest Fund. However, Kweichow Moutai is 1.21 times more volatile than Harvest Fund Management. It trades about -0.03 of its potential returns per unit of risk. Harvest Fund Management is currently generating about -0.07 per unit of risk. If you would invest 186,600 in Kweichow Moutai Co on August 29, 2024 and sell it today you would lose (34,695) from holding Kweichow Moutai Co or give up 18.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kweichow Moutai Co vs. Harvest Fund Management
Performance |
| Timeline |
| Kweichow Moutai |
| Harvest Fund Management |
Kweichow Moutai and Harvest Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kweichow Moutai and Harvest Fund
The main advantage of trading using opposite Kweichow Moutai and Harvest Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai position performs unexpectedly, Harvest Fund 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 Harvest Fund will offset losses from the drop in Harvest Fund's long position.| Kweichow Moutai vs. PetroChina Co Ltd | Kweichow Moutai vs. China Mobile Limited | Kweichow Moutai vs. Ping An Insurance | Kweichow Moutai vs. China Petroleum Chemical |
| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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