Correlation Between Heilongjiang Publishing and Kweichow Moutai
Specify exactly 2 symbols:
By analyzing existing cross correlation between Heilongjiang Publishing Media and Kweichow Moutai Co, you can compare the effects of market volatilities on Heilongjiang Publishing 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 Heilongjiang Publishing with a short position of Kweichow Moutai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Publishing and Kweichow Moutai.
Diversification Opportunities for Heilongjiang Publishing and Kweichow Moutai
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Heilongjiang and Kweichow is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Publishing Media and Kweichow Moutai Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kweichow Moutai and Heilongjiang Publishing 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 Heilongjiang Publishing Media 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 Heilongjiang Publishing i.e., Heilongjiang Publishing and Kweichow Moutai go up and down completely randomly.
Pair Corralation between Heilongjiang Publishing and Kweichow Moutai
Assuming the 90 days trading horizon Heilongjiang Publishing Media is expected to generate 4.86 times more return on investment than Kweichow Moutai. However, Heilongjiang Publishing is 4.86 times more volatile than Kweichow Moutai Co. It trades about 0.16 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 1,520 in Heilongjiang Publishing Media on September 13, 2024 and sell it today you would earn a total of 200.00 from holding Heilongjiang Publishing Media or generate 13.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heilongjiang Publishing Media vs. Kweichow Moutai Co
Performance |
| Timeline |
| Heilongjiang Publishing |
| Kweichow Moutai |
Heilongjiang Publishing and Kweichow Moutai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heilongjiang Publishing and Kweichow Moutai
The main advantage of trading using opposite Heilongjiang Publishing and Kweichow Moutai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Publishing 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.| Heilongjiang Publishing vs. Ming Yang Smart | Heilongjiang Publishing vs. 159681 | Heilongjiang Publishing vs. 159005 | Heilongjiang Publishing vs. Loctek Ergonomic Technology |
| 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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |