Correlation Between Kweichow Moutai and Everjoy Health
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By analyzing existing cross correlation between Kweichow Moutai Co and Everjoy Health Group, you can compare the effects of market volatilities on Kweichow Moutai and Everjoy Health 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 Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kweichow Moutai and Everjoy Health.
Diversification Opportunities for Kweichow Moutai and Everjoy Health
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kweichow and Everjoy is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Kweichow Moutai Co and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group 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 Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of Kweichow Moutai i.e., Kweichow Moutai and Everjoy Health go up and down completely randomly.
Pair Corralation between Kweichow Moutai and Everjoy Health
Assuming the 90 days trading horizon Kweichow Moutai is expected to generate 2.22 times less return on investment than Everjoy Health. But when comparing it to its historical volatility, Kweichow Moutai Co is 1.61 times less risky than Everjoy Health. It trades about 0.07 of its potential returns per unit of risk. Everjoy Health Group is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 304.00 in Everjoy Health Group on September 25, 2024 and sell it today you would earn a total of 62.00 from holding Everjoy Health Group or generate 20.39% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Kweichow Moutai Co vs. Everjoy Health Group
Performance |
Timeline |
Kweichow Moutai |
Everjoy Health Group |
Kweichow Moutai and Everjoy Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Kweichow Moutai and Everjoy Health
The main advantage of trading using opposite Kweichow Moutai and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kweichow Moutai position performs unexpectedly, Everjoy Health 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.Kweichow Moutai vs. Beijing HuaYuanYiTong Thermal | Kweichow Moutai vs. Maxvision Technology Corp | Kweichow Moutai vs. Dongguan Aohai Technology | Kweichow Moutai vs. Chengtun Mining Group |
Everjoy Health vs. Kweichow Moutai Co | Everjoy Health vs. Contemporary Amperex Technology | Everjoy Health vs. G bits Network Technology | Everjoy Health vs. BYD Co Ltd |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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