Correlation Between Flat Glass and Kweichow Moutai
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By analyzing existing cross correlation between Flat Glass Group and Kweichow Moutai Co, you can compare the effects of market volatilities on Flat Glass 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 Flat Glass with a short position of Kweichow Moutai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Flat Glass and Kweichow Moutai.
Diversification Opportunities for Flat Glass and Kweichow Moutai
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Flat and Kweichow is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Flat Glass Group and Kweichow Moutai Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kweichow Moutai and Flat Glass 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 Flat Glass Group 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 Flat Glass i.e., Flat Glass and Kweichow Moutai go up and down completely randomly.
Pair Corralation between Flat Glass and Kweichow Moutai
Assuming the 90 days trading horizon Flat Glass Group is expected to under-perform the Kweichow Moutai. In addition to that, Flat Glass is 1.85 times more volatile than Kweichow Moutai Co. It trades about -0.02 of its total potential returns per unit of risk. Kweichow Moutai Co is currently generating about -0.01 per unit of volatility. If you would invest 170,385 in Kweichow Moutai Co on September 24, 2024 and sell it today you would lose (18,185) from holding Kweichow Moutai Co or give up 10.67% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Flat Glass Group vs. Kweichow Moutai Co
Performance |
Timeline |
Flat Glass Group |
Kweichow Moutai |
Flat Glass and Kweichow Moutai Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Flat Glass and Kweichow Moutai
The main advantage of trading using opposite Flat Glass and Kweichow Moutai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Flat Glass 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.Flat Glass vs. Kweichow Moutai Co | Flat Glass vs. Contemporary Amperex Technology | Flat Glass vs. G bits Network Technology | Flat Glass vs. BYD Co Ltd |
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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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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