Correlation Between Shenzhen Hifuture and CICT Mobile
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By analyzing existing cross correlation between Shenzhen Hifuture Electric and CICT Mobile Communication, you can compare the effects of market volatilities on Shenzhen Hifuture 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 Shenzhen Hifuture with a short position of CICT Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and CICT Mobile.
Diversification Opportunities for Shenzhen Hifuture and CICT Mobile
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenzhen and CICT is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric 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 Shenzhen Hifuture 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 Shenzhen Hifuture Electric 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 Shenzhen Hifuture i.e., Shenzhen Hifuture and CICT Mobile go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and CICT Mobile
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to generate 1.0 times more return on investment than CICT Mobile. However, Shenzhen Hifuture is 1.0 times more volatile than CICT Mobile Communication. It trades about 0.26 of its potential returns per unit of risk. CICT Mobile Communication is currently generating about -0.03 per unit of risk. If you would invest 238.00 in Shenzhen Hifuture Electric on August 30, 2024 and sell it today you would earn a total of 44.00 from holding Shenzhen Hifuture Electric or generate 18.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. CICT Mobile Communication
Performance |
| Timeline |
| Shenzhen Hifuture |
| CICT Mobile Communication |
Shenzhen Hifuture and CICT Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and CICT Mobile
The main advantage of trading using opposite Shenzhen Hifuture and CICT Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture 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.| Shenzhen Hifuture vs. Qtone Education Group | Shenzhen Hifuture vs. Allmed Medical Products | Shenzhen Hifuture vs. Blue Sail Medical | Shenzhen Hifuture vs. Cofoe Medical Technology |
| CICT Mobile vs. Tsingtao Brewery Co | CICT Mobile vs. Guangdong Marubi Biotechnology | CICT Mobile vs. Chongqing Brewery Co | CICT Mobile vs. Sunny Loan Top |
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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