Correlation Between Yunnan Yuntou and CICT Mobile
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By analyzing existing cross correlation between Yunnan Yuntou Ecology and CICT Mobile Communication, you can compare the effects of market volatilities on Yunnan Yuntou 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 Yunnan Yuntou with a short position of CICT Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Yuntou and CICT Mobile.
Diversification Opportunities for Yunnan Yuntou and CICT Mobile
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Yunnan and CICT is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Yuntou Ecology 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 Yunnan Yuntou 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 Yunnan Yuntou Ecology 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 Yunnan Yuntou i.e., Yunnan Yuntou and CICT Mobile go up and down completely randomly.
Pair Corralation between Yunnan Yuntou and CICT Mobile
Assuming the 90 days trading horizon Yunnan Yuntou Ecology is expected to generate 0.75 times more return on investment than CICT Mobile. However, Yunnan Yuntou Ecology is 1.33 times less risky than CICT Mobile. It trades about 0.21 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 558.00 in Yunnan Yuntou Ecology on August 26, 2024 and sell it today you would earn a total of 60.00 from holding Yunnan Yuntou Ecology or generate 10.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Yuntou Ecology vs. CICT Mobile Communication
Performance |
| Timeline |
| Yunnan Yuntou Ecology |
| CICT Mobile Communication |
Yunnan Yuntou and CICT Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Yuntou and CICT Mobile
The main advantage of trading using opposite Yunnan Yuntou and CICT Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Yuntou 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.| Yunnan Yuntou vs. Cambricon Technologies Corp | Yunnan Yuntou vs. Loongson Technology Corp | Yunnan Yuntou vs. Shenzhen Fortune Trend | Yunnan Yuntou vs. Wuhan Xianglong Power |
| CICT Mobile vs. Shenzhen MYS Environmental | CICT Mobile vs. AVIC Fund Management | CICT Mobile vs. Shenzhen Bingchuan Network | CICT Mobile vs. Penghua Shenzhen Energy |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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