Correlation Between Xinya Electronic and Kweichow Moutai
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinya Electronic Co and Kweichow Moutai Co, you can compare the effects of market volatilities on Xinya Electronic 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 Xinya Electronic with a short position of Kweichow Moutai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and Kweichow Moutai.
Diversification Opportunities for Xinya Electronic and Kweichow Moutai
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xinya and Kweichow is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic 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 Xinya Electronic 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 Xinya Electronic 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 Xinya Electronic i.e., Xinya Electronic and Kweichow Moutai go up and down completely randomly.
Pair Corralation between Xinya Electronic and Kweichow Moutai
Assuming the 90 days trading horizon Xinya Electronic Co is expected to generate 2.2 times more return on investment than Kweichow Moutai. However, Xinya Electronic is 2.2 times more volatile than Kweichow Moutai Co. It trades about 0.05 of its potential returns per unit of risk. Kweichow Moutai Co is currently generating about -0.02 per unit of risk. If you would invest 954.00 in Xinya Electronic Co on September 28, 2024 and sell it today you would earn a total of 654.00 from holding Xinya Electronic Co or generate 68.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Xinya Electronic Co vs. Kweichow Moutai Co
Performance |
| Timeline |
| Xinya Electronic |
| Kweichow Moutai |
Xinya Electronic and Kweichow Moutai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinya Electronic and Kweichow Moutai
The main advantage of trading using opposite Xinya Electronic and Kweichow Moutai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic 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.| Xinya Electronic vs. Kweichow Moutai Co | Xinya Electronic vs. Contemporary Amperex Technology | Xinya Electronic vs. G bits Network Technology | Xinya Electronic vs. BYD Co Ltd |
| Kweichow Moutai vs. Chengtun Mining Group | Kweichow Moutai vs. Healthcare Co | Kweichow Moutai vs. Tibet Huayu Mining | Kweichow Moutai vs. Mingchen Health 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |