Correlation Between Shenzhen MYS and CICT Mobile
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By analyzing existing cross correlation between Shenzhen MYS Environmental and CICT Mobile Communication, you can compare the effects of market volatilities on Shenzhen MYS 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 MYS with a short position of CICT Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and CICT Mobile.
Diversification Opportunities for Shenzhen MYS and CICT Mobile
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenzhen and CICT is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental 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 MYS 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 MYS Environmental 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 MYS i.e., Shenzhen MYS and CICT Mobile go up and down completely randomly.
Pair Corralation between Shenzhen MYS and CICT Mobile
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 0.82 times more return on investment than CICT Mobile. However, Shenzhen MYS Environmental is 1.22 times less risky than CICT Mobile. It trades about 0.03 of its potential returns per unit of risk. CICT Mobile Communication is currently generating about 0.02 per unit of risk. If you would invest 294.00 in Shenzhen MYS Environmental on August 29, 2024 and sell it today you would earn a total of 78.00 from holding Shenzhen MYS Environmental or generate 26.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. CICT Mobile Communication
Performance |
| Timeline |
| Shenzhen MYS Environ |
| CICT Mobile Communication |
Shenzhen MYS and CICT Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and CICT Mobile
The main advantage of trading using opposite Shenzhen MYS and CICT Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS 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 MYS vs. Gansu Yasheng Industrial | Shenzhen MYS vs. Integrated Electronic Systems | Shenzhen MYS vs. Chengtun Mining Group | Shenzhen MYS vs. Zhejiang Yayi Metal |
| 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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