Correlation Between Kweichow Moutai and Blue Sail
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By analyzing existing cross correlation between Kweichow Moutai Co and Blue Sail Medical, you can compare the effects of market volatilities on Kweichow Moutai and Blue Sail 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 Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and Blue Sail.
Diversification Opportunities for Kweichow Moutai and Blue Sail
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kweichow and Blue is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical 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 Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Kweichow Moutai i.e., Kweichow Moutai and Blue Sail go up and down completely randomly.
Pair Corralation between Kweichow Moutai and Blue Sail
Assuming the 90 days trading horizon Kweichow Moutai is expected to generate 8.24 times less return on investment than Blue Sail. In addition to that, Kweichow Moutai is 1.02 times more volatile than Blue Sail Medical. It trades about 0.01 of its total potential returns per unit of risk. Blue Sail Medical is currently generating about 0.11 per unit of volatility. If you would invest 446.00 in Blue Sail Medical on September 15, 2024 and sell it today you would earn a total of 130.00 from holding Blue Sail Medical or generate 29.15% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Kweichow Moutai Co vs. Blue Sail Medical
Performance |
Timeline |
Kweichow Moutai |
Blue Sail Medical |
Kweichow Moutai and Blue Sail Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kweichow Moutai and Blue Sail
The main advantage of trading using opposite Kweichow Moutai and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.Kweichow Moutai vs. Huasi Agricultural Development | Kweichow Moutai vs. Long Yuan Construction | Kweichow Moutai vs. Xingguang Agricultural Mach | Kweichow Moutai vs. Zhongzhu Medical Holdings |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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