Correlation Between Kweichow Moutai and Guangzhou Jiacheng
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By analyzing existing cross correlation between Kweichow Moutai Co and Guangzhou Jiacheng, you can compare the effects of market volatilities on Kweichow Moutai and Guangzhou Jiacheng 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 Guangzhou Jiacheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and Guangzhou Jiacheng.
Diversification Opportunities for Kweichow Moutai and Guangzhou Jiacheng
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Kweichow and Guangzhou is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co and Guangzhou Jiacheng in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Jiacheng 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 Guangzhou Jiacheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Jiacheng has no effect on the direction of Kweichow Moutai i.e., Kweichow Moutai and Guangzhou Jiacheng go up and down completely randomly.
Pair Corralation between Kweichow Moutai and Guangzhou Jiacheng
Assuming the 90 days trading horizon Kweichow Moutai Co is expected to generate 0.52 times more return on investment than Guangzhou Jiacheng. However, Kweichow Moutai Co is 1.91 times less risky than Guangzhou Jiacheng. It trades about -0.01 of its potential returns per unit of risk. Guangzhou Jiacheng is currently generating about -0.01 per unit of risk. If you would invest 172,550 in Kweichow Moutai Co on December 5, 2024 and sell it today you would lose (25,539) from holding Kweichow Moutai Co or give up 14.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kweichow Moutai Co vs. Guangzhou Jiacheng
Performance |
| Timeline |
| Kweichow Moutai |
| Guangzhou Jiacheng |
Kweichow Moutai and Guangzhou Jiacheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kweichow Moutai and Guangzhou Jiacheng
The main advantage of trading using opposite Kweichow Moutai and Guangzhou Jiacheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai position performs unexpectedly, Guangzhou Jiacheng 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 Guangzhou Jiacheng will offset losses from the drop in Guangzhou Jiacheng's long position.| Kweichow Moutai vs. China Sports Industry | ||
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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