Correlation Between Allwin Telecommunicatio and China Everbright
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By analyzing existing cross correlation between Allwin Telecommunication Co and China Everbright Bank, you can compare the effects of market volatilities on Allwin Telecommunicatio and China Everbright 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 Allwin Telecommunicatio with a short position of China Everbright. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allwin Telecommunicatio and China Everbright.
Diversification Opportunities for Allwin Telecommunicatio and China Everbright
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Allwin and China is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Allwin Telecommunication Co and China Everbright Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Everbright Bank and Allwin Telecommunicatio 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 Allwin Telecommunication Co are associated (or correlated) with China Everbright. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Everbright Bank has no effect on the direction of Allwin Telecommunicatio i.e., Allwin Telecommunicatio and China Everbright go up and down completely randomly.
Pair Corralation between Allwin Telecommunicatio and China Everbright
Assuming the 90 days trading horizon Allwin Telecommunication Co is expected to under-perform the China Everbright. In addition to that, Allwin Telecommunicatio is 2.68 times more volatile than China Everbright Bank. It trades about -0.05 of its total potential returns per unit of risk. China Everbright Bank is currently generating about 0.13 per unit of volatility. If you would invest 342.00 in China Everbright Bank on October 26, 2024 and sell it today you would earn a total of 45.00 from holding China Everbright Bank or generate 13.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allwin Telecommunication Co vs. China Everbright Bank
Performance |
| Timeline |
| Allwin Telecommunicatio |
| China Everbright Bank |
Allwin Telecommunicatio and China Everbright Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allwin Telecommunicatio and China Everbright
The main advantage of trading using opposite Allwin Telecommunicatio and China Everbright positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allwin Telecommunicatio position performs unexpectedly, China Everbright 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 China Everbright will offset losses from the drop in China Everbright's long position.| Allwin Telecommunicatio vs. Bus Online Co | Allwin Telecommunicatio vs. Holitech Technology Co | Allwin Telecommunicatio vs. Gome Telecom Equipment | Allwin Telecommunicatio vs. Cultural Investment Holdings |
| China Everbright vs. China Life Insurance | China Everbright vs. Cinda Securities Co | China Everbright vs. Piotech Inc A | China Everbright vs. Dongxing Sec Co |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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