Correlation Between Sportsoul and CITIC Securities
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sportsoul Co Ltd and CITIC Securities Co, you can compare the effects of market volatilities on Sportsoul and CITIC Securities 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 Sportsoul with a short position of CITIC Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sportsoul and CITIC Securities.
Diversification Opportunities for Sportsoul and CITIC Securities
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sportsoul and CITIC is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Sportsoul Co Ltd and CITIC Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Securities and Sportsoul 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 Sportsoul Co Ltd are associated (or correlated) with CITIC Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Securities has no effect on the direction of Sportsoul i.e., Sportsoul and CITIC Securities go up and down completely randomly.
Pair Corralation between Sportsoul and CITIC Securities
Assuming the 90 days trading horizon Sportsoul Co Ltd is expected to under-perform the CITIC Securities. In addition to that, Sportsoul is 1.77 times more volatile than CITIC Securities Co. It trades about -0.02 of its total potential returns per unit of risk. CITIC Securities Co is currently generating about 0.08 per unit of volatility. If you would invest 2,103 in CITIC Securities Co on September 2, 2024 and sell it today you would earn a total of 972.00 from holding CITIC Securities Co or generate 46.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sportsoul Co Ltd vs. CITIC Securities Co
Performance |
| Timeline |
| Sportsoul |
| CITIC Securities |
Sportsoul and CITIC Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sportsoul and CITIC Securities
The main advantage of trading using opposite Sportsoul and CITIC Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sportsoul position performs unexpectedly, CITIC Securities 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 CITIC Securities will offset losses from the drop in CITIC Securities' long position.| Sportsoul vs. Nanjing Putian Telecommunications | Sportsoul vs. Shenzhen Hifuture Electric | Sportsoul vs. Tianjin Realty Development | Sportsoul vs. Shenyang Huitian Thermal |
| CITIC Securities vs. BeiGene | CITIC Securities vs. Kweichow Moutai Co | CITIC Securities vs. Beijing Roborock Technology | CITIC Securities vs. G bits Network Technology |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |