Correlation Between Kweichow Moutai and BeiGene
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By analyzing existing cross correlation between Kweichow Moutai Co and BeiGene, you can compare the effects of market volatilities on Kweichow Moutai and BeiGene 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 BeiGene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and BeiGene.
Diversification Opportunities for Kweichow Moutai and BeiGene
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kweichow and BeiGene is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co and BeiGene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BeiGene 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 BeiGene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BeiGene has no effect on the direction of Kweichow Moutai i.e., Kweichow Moutai and BeiGene go up and down completely randomly.
Pair Corralation between Kweichow Moutai and BeiGene
Assuming the 90 days trading horizon Kweichow Moutai Co is expected to generate 0.51 times more return on investment than BeiGene. However, Kweichow Moutai Co is 1.94 times less risky than BeiGene. It trades about -0.04 of its potential returns per unit of risk. BeiGene is currently generating about -0.09 per unit of risk. If you would invest 156,750 in Kweichow Moutai Co on August 24, 2024 and sell it today you would lose (2,237) from holding Kweichow Moutai Co or give up 1.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kweichow Moutai Co vs. BeiGene
Performance |
| Timeline |
| Kweichow Moutai |
| BeiGene |
Kweichow Moutai and BeiGene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kweichow Moutai and BeiGene
The main advantage of trading using opposite Kweichow Moutai and BeiGene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai position performs unexpectedly, BeiGene 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 BeiGene will offset losses from the drop in BeiGene's long position.| Kweichow Moutai vs. Ligao Foods CoLtd | Kweichow Moutai vs. Elite Color Environmental | Kweichow Moutai vs. Namchow Food Group | Kweichow Moutai vs. Yankershop Food Co |
| BeiGene vs. Sichuan Teway Food | BeiGene vs. Xinjiang Tianrun Dairy | BeiGene vs. Shantou Wanshun Package | BeiGene vs. Easyhome New Retail |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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