Correlation Between Ciwen Media and CITIC Securities
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By analyzing existing cross correlation between Ciwen Media Co and CITIC Securities Co, you can compare the effects of market volatilities on Ciwen Media and CITIC Securities 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 Ciwen Media with a short position of CITIC Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and CITIC Securities.
Diversification Opportunities for Ciwen Media and CITIC Securities
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ciwen and CITIC is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and CITIC Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Securities and Ciwen Media 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 Ciwen Media Co are associated (or correlated) with CITIC Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Securities has no effect on the direction of Ciwen Media i.e., Ciwen Media and CITIC Securities go up and down completely randomly.
Pair Corralation between Ciwen Media and CITIC Securities
Assuming the 90 days trading horizon Ciwen Media is expected to generate 3.03 times less return on investment than CITIC Securities. In addition to that, Ciwen Media is 1.88 times more volatile than CITIC Securities Co. It trades about 0.01 of its total potential returns per unit of risk. CITIC Securities Co is currently generating about 0.08 per unit of volatility. If you would invest 2,103 in CITIC Securities Co on September 2, 2024 and sell it today you would earn a total of 972.00 from holding CITIC Securities Co or generate 46.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ciwen Media Co vs. CITIC Securities Co
Performance |
| Timeline |
| Ciwen Media |
| CITIC Securities |
Ciwen Media and CITIC Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and CITIC Securities
The main advantage of trading using opposite Ciwen Media and CITIC Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, CITIC Securities 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 CITIC Securities will offset losses from the drop in CITIC Securities' long position.| Ciwen Media vs. Lutian Machinery Co | Ciwen Media vs. China Longyuan Power | Ciwen Media vs. PetroChina Co Ltd | Ciwen Media vs. Bank of China |
| CITIC Securities vs. BeiGene | CITIC Securities vs. Kweichow Moutai Co | CITIC Securities vs. Beijing Roborock Technology | CITIC Securities vs. G bits Network Technology |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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