Correlation Between Kweichow Moutai and JiShi Media
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By analyzing existing cross correlation between Kweichow Moutai Co and JiShi Media Co, you can compare the effects of market volatilities on Kweichow Moutai and JiShi Media 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 JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and JiShi Media.
Diversification Opportunities for Kweichow Moutai and JiShi Media
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Kweichow and JiShi is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media 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 JiShi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JiShi Media has no effect on the direction of Kweichow Moutai i.e., Kweichow Moutai and JiShi Media go up and down completely randomly.
Pair Corralation between Kweichow Moutai and JiShi Media
Assuming the 90 days trading horizon Kweichow Moutai Co is expected to under-perform the JiShi Media. But the stock apears to be less risky and, when comparing its historical volatility, Kweichow Moutai Co is 2.06 times less risky than JiShi Media. The stock trades about -0.01 of its potential returns per unit of risk. The JiShi Media Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 203.00 in JiShi Media Co on September 26, 2024 and sell it today you would lose (10.00) from holding JiShi Media Co or give up 4.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kweichow Moutai Co vs. JiShi Media Co
Performance |
| Timeline |
| Kweichow Moutai |
| JiShi Media |
Kweichow Moutai and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kweichow Moutai and JiShi Media
The main advantage of trading using opposite Kweichow Moutai and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai position performs unexpectedly, JiShi Media 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 JiShi Media will offset losses from the drop in JiShi Media's long position.| Kweichow Moutai vs. China Life Insurance | Kweichow Moutai vs. Beijing Wandong Medical | Kweichow Moutai vs. Allmed Medical Products | Kweichow Moutai vs. Lootom Telcovideo Network |
| JiShi Media vs. Industrial and Commercial | JiShi Media vs. Kweichow Moutai Co | JiShi Media vs. Agricultural Bank of | JiShi Media 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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