Correlation Between Integrated Electronic and CIMC Vehicles
Specify exactly 2 symbols:
By analyzing existing cross correlation between Integrated Electronic Systems and CIMC Vehicles Co, you can compare the effects of market volatilities on Integrated Electronic and CIMC Vehicles 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 Integrated Electronic with a short position of CIMC Vehicles. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integrated Electronic and CIMC Vehicles.
Diversification Opportunities for Integrated Electronic and CIMC Vehicles
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Integrated and CIMC is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Integrated Electronic Systems and CIMC Vehicles Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIMC Vehicles and Integrated Electronic 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 Integrated Electronic Systems are associated (or correlated) with CIMC Vehicles. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIMC Vehicles has no effect on the direction of Integrated Electronic i.e., Integrated Electronic and CIMC Vehicles go up and down completely randomly.
Pair Corralation between Integrated Electronic and CIMC Vehicles
Assuming the 90 days trading horizon Integrated Electronic Systems is expected to generate 1.37 times more return on investment than CIMC Vehicles. However, Integrated Electronic is 1.37 times more volatile than CIMC Vehicles Co. It trades about 0.02 of its potential returns per unit of risk. CIMC Vehicles Co is currently generating about 0.02 per unit of risk. If you would invest 710.00 in Integrated Electronic Systems on September 12, 2024 and sell it today you would earn a total of 41.00 from holding Integrated Electronic Systems or generate 5.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integrated Electronic Systems vs. CIMC Vehicles Co
Performance |
| Timeline |
| Integrated Electronic |
| CIMC Vehicles |
Integrated Electronic and CIMC Vehicles Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integrated Electronic and CIMC Vehicles
The main advantage of trading using opposite Integrated Electronic and CIMC Vehicles positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integrated Electronic position performs unexpectedly, CIMC Vehicles 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 CIMC Vehicles will offset losses from the drop in CIMC Vehicles' long position.| Integrated Electronic vs. Agricultural Bank of | Integrated Electronic vs. Industrial and Commercial | Integrated Electronic vs. Bank of China | Integrated Electronic vs. PetroChina Co Ltd |
| CIMC Vehicles vs. Agricultural Bank of | CIMC Vehicles vs. Industrial and Commercial | CIMC Vehicles vs. Bank of China | CIMC Vehicles vs. PetroChina Co Ltd |
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.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |