Correlation Between Dymatic Chemicals and CICT Mobile
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By analyzing existing cross correlation between Dymatic Chemicals and CICT Mobile Communication, you can compare the effects of market volatilities on Dymatic Chemicals and CICT Mobile 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 Dymatic Chemicals with a short position of CICT Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dymatic Chemicals and CICT Mobile.
Diversification Opportunities for Dymatic Chemicals and CICT Mobile
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Dymatic and CICT is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Dymatic Chemicals and CICT Mobile Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CICT Mobile Communication and Dymatic Chemicals 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 Dymatic Chemicals are associated (or correlated) with CICT Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CICT Mobile Communication has no effect on the direction of Dymatic Chemicals i.e., Dymatic Chemicals and CICT Mobile go up and down completely randomly.
Pair Corralation between Dymatic Chemicals and CICT Mobile
Assuming the 90 days trading horizon Dymatic Chemicals is expected to generate 1.66 times more return on investment than CICT Mobile. However, Dymatic Chemicals is 1.66 times more volatile than CICT Mobile Communication. It trades about 0.13 of its potential returns per unit of risk. CICT Mobile Communication is currently generating about 0.04 per unit of risk. If you would invest 559.00 in Dymatic Chemicals on September 6, 2024 and sell it today you would earn a total of 68.00 from holding Dymatic Chemicals or generate 12.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dymatic Chemicals vs. CICT Mobile Communication
Performance |
| Timeline |
| Dymatic Chemicals |
| CICT Mobile Communication |
Dymatic Chemicals and CICT Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dymatic Chemicals and CICT Mobile
The main advantage of trading using opposite Dymatic Chemicals and CICT Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dymatic Chemicals position performs unexpectedly, CICT Mobile 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 CICT Mobile will offset losses from the drop in CICT Mobile's long position.| Dymatic Chemicals vs. Zijin Mining Group | Dymatic Chemicals vs. Wanhua Chemical Group | Dymatic Chemicals vs. Baoshan Iron Steel | Dymatic Chemicals vs. Rongsheng Petrochemical Co |
| CICT Mobile vs. Industrial and Commercial | CICT Mobile vs. Agricultural Bank of | CICT Mobile vs. China Construction Bank | CICT Mobile vs. Bank of China |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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