Correlation Between Inly Media and Kweichow Moutai
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By analyzing existing cross correlation between Inly Media Co and Kweichow Moutai Co, you can compare the effects of market volatilities on Inly Media and Kweichow Moutai 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 Inly Media with a short position of Kweichow Moutai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inly Media and Kweichow Moutai.
Diversification Opportunities for Inly Media and Kweichow Moutai
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Inly and Kweichow is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Inly Media Co and Kweichow Moutai Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kweichow Moutai and Inly Media 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 Inly Media Co are associated (or correlated) with Kweichow Moutai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kweichow Moutai has no effect on the direction of Inly Media i.e., Inly Media and Kweichow Moutai go up and down completely randomly.
Pair Corralation between Inly Media and Kweichow Moutai
Assuming the 90 days trading horizon Inly Media Co is expected to generate 5.87 times more return on investment than Kweichow Moutai. However, Inly Media is 5.87 times more volatile than Kweichow Moutai Co. It trades about 0.24 of its potential returns per unit of risk. Kweichow Moutai Co is currently generating about -0.14 per unit of risk. If you would invest 1,580 in Inly Media Co on September 13, 2024 and sell it today you would earn a total of 414.00 from holding Inly Media Co or generate 26.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inly Media Co vs. Kweichow Moutai Co
Performance |
| Timeline |
| Inly Media |
| Kweichow Moutai |
Inly Media and Kweichow Moutai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inly Media and Kweichow Moutai
The main advantage of trading using opposite Inly Media and Kweichow Moutai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inly Media position performs unexpectedly, Kweichow Moutai 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 Kweichow Moutai will offset losses from the drop in Kweichow Moutai's long position.| Inly Media vs. BYD Co Ltd | Inly Media vs. China Mobile Limited | Inly Media vs. Agricultural Bank of | Inly Media vs. Industrial and Commercial |
| Kweichow Moutai vs. China Publishing Media | Kweichow Moutai vs. China Sports Industry | Kweichow Moutai vs. Shuhua Sports Co | Kweichow Moutai vs. Jiangsu Jinling Sports |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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