Correlation Between MINISO GROUP and MOLSON COORS
Can any of the company-specific risk be diversified away by investing in both MINISO GROUP and MOLSON COORS at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining MINISO GROUP and MOLSON COORS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MINISO GROUP A and MOLSON RS BEVERAGE, you can compare the effects of market volatilities on MINISO GROUP and MOLSON COORS 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 MINISO GROUP with a short position of MOLSON COORS. Check out your portfolio center. Please also check ongoing floating volatility patterns of MINISO GROUP and MOLSON COORS.
Diversification Opportunities for MINISO GROUP and MOLSON COORS
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between MINISO and MOLSON is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding MINISO GROUP A and MOLSON RS BEVERAGE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MOLSON RS BEVERAGE and MINISO GROUP 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 MINISO GROUP A are associated (or correlated) with MOLSON COORS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MOLSON RS BEVERAGE has no effect on the direction of MINISO GROUP i.e., MINISO GROUP and MOLSON COORS go up and down completely randomly.
Pair Corralation between MINISO GROUP and MOLSON COORS
Assuming the 90 days trading horizon MINISO GROUP A is expected to under-perform the MOLSON COORS. But the stock apears to be less risky and, when comparing its historical volatility, MINISO GROUP A is 1.07 times less risky than MOLSON COORS. The stock trades about -0.08 of its potential returns per unit of risk. The MOLSON RS BEVERAGE is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 5,462 in MOLSON RS BEVERAGE on November 30, 2024 and sell it today you would earn a total of 1,138 from holding MOLSON RS BEVERAGE or generate 20.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.67% |
| Values | Daily Returns |
MINISO GROUP A vs. MOLSON RS BEVERAGE
Performance |
| Timeline |
| MINISO GROUP A |
| MOLSON RS BEVERAGE |
MINISO GROUP and MOLSON COORS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MINISO GROUP and MOLSON COORS
The main advantage of trading using opposite MINISO GROUP and MOLSON COORS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MINISO GROUP position performs unexpectedly, MOLSON COORS 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 MOLSON COORS will offset losses from the drop in MOLSON COORS's long position.| MINISO GROUP vs. JSC Halyk bank | MINISO GROUP vs. Virtu Financial | MINISO GROUP vs. Takark Jelzlogbank Nyrt | MINISO GROUP vs. SILICON LABORATOR |
| MOLSON COORS vs. East Africa Metals | MOLSON COORS vs. Perseus Mining Limited | MOLSON COORS vs. MidCap Financial Investment | MOLSON COORS vs. Stag Industrial |
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.
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