Correlation Between Kweichow Moutai and Ming Yang
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kweichow Moutai Co and Ming Yang Smart, you can compare the effects of market volatilities on Kweichow Moutai and Ming Yang 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 Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and Ming Yang.
Diversification Opportunities for Kweichow Moutai and Ming Yang
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kweichow and Ming is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co and Ming Yang Smart in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ming Yang Smart 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 Ming Yang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ming Yang Smart has no effect on the direction of Kweichow Moutai i.e., Kweichow Moutai and Ming Yang go up and down completely randomly.
Pair Corralation between Kweichow Moutai and Ming Yang
Assuming the 90 days trading horizon Kweichow Moutai Co is expected to under-perform the Ming Yang. But the stock apears to be less risky and, when comparing its historical volatility, Kweichow Moutai Co is 1.55 times less risky than Ming Yang. The stock trades about -0.03 of its potential returns per unit of risk. The Ming Yang Smart is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 918.00 in Ming Yang Smart on October 7, 2024 and sell it today you would earn a total of 203.00 from holding Ming Yang Smart or generate 22.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kweichow Moutai Co vs. Ming Yang Smart
Performance |
| Timeline |
| Kweichow Moutai |
| Ming Yang Smart |
Kweichow Moutai and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kweichow Moutai and Ming Yang
The main advantage of trading using opposite Kweichow Moutai and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai position performs unexpectedly, Ming Yang 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 Ming Yang will offset losses from the drop in Ming Yang's long position.| Kweichow Moutai vs. Guangdong Jingyi Metal | Kweichow Moutai vs. Chengdu Xinzhu RoadBridge | Kweichow Moutai vs. Guocheng Mining Co | Kweichow Moutai vs. Dalian Thermal Power |
| Ming Yang vs. Changchun UP Optotech | Ming Yang vs. HUAQIN TECHNOLOGY LTD | Ming Yang vs. HanS Laser Tech | Ming Yang vs. Linewell Software 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |