Correlation Between Kweichow Moutai and Jinyu Bio
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kweichow Moutai Co and Jinyu Bio Technology Co, you can compare the effects of market volatilities on Kweichow Moutai and Jinyu Bio 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 Jinyu Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and Jinyu Bio.
Diversification Opportunities for Kweichow Moutai and Jinyu Bio
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kweichow and Jinyu is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co and Jinyu Bio Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinyu Bio Technology 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 Jinyu Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinyu Bio Technology has no effect on the direction of Kweichow Moutai i.e., Kweichow Moutai and Jinyu Bio go up and down completely randomly.
Pair Corralation between Kweichow Moutai and Jinyu Bio
Assuming the 90 days trading horizon Kweichow Moutai Co is expected to under-perform the Jinyu Bio. But the stock apears to be less risky and, when comparing its historical volatility, Kweichow Moutai Co is 2.3 times less risky than Jinyu Bio. The stock trades about -0.2 of its potential returns per unit of risk. The Jinyu Bio Technology Co is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 706.00 in Jinyu Bio Technology Co on September 12, 2024 and sell it today you would earn a total of 31.00 from holding Jinyu Bio Technology Co or generate 4.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kweichow Moutai Co vs. Jinyu Bio Technology Co
Performance |
| Timeline |
| Kweichow Moutai |
| Jinyu Bio Technology |
Kweichow Moutai and Jinyu Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kweichow Moutai and Jinyu Bio
The main advantage of trading using opposite Kweichow Moutai and Jinyu Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai position performs unexpectedly, Jinyu Bio 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 Jinyu Bio will offset losses from the drop in Jinyu Bio's long position.| Kweichow Moutai vs. Luyin Investment Group | Kweichow Moutai vs. Sichuan Fulin Transportation | Kweichow Moutai vs. Zhongshan Broad Ocean Motor | Kweichow Moutai vs. Southchip Semiconductor Technology |
| Jinyu Bio vs. Cultural Investment Holdings | Jinyu Bio vs. Gome Telecom Equipment | Jinyu Bio vs. Holitech Technology Co | Jinyu Bio vs. Zotye Automobile Co |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |