Correlation Between Beijing UniStrong and Citic Guoan
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By analyzing existing cross correlation between Beijing UniStrong Science and Citic Guoan Wine, you can compare the effects of market volatilities on Beijing UniStrong and Citic Guoan 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 Beijing UniStrong with a short position of Citic Guoan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing UniStrong and Citic Guoan.
Diversification Opportunities for Beijing UniStrong and Citic Guoan
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Beijing and Citic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Beijing UniStrong Science and Citic Guoan Wine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citic Guoan Wine and Beijing UniStrong 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 Beijing UniStrong Science are associated (or correlated) with Citic Guoan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citic Guoan Wine has no effect on the direction of Beijing UniStrong i.e., Beijing UniStrong and Citic Guoan go up and down completely randomly.
Pair Corralation between Beijing UniStrong and Citic Guoan
If you would invest 0.00 in Beijing UniStrong Science on October 25, 2024 and sell it today you would earn a total of 0.00 from holding Beijing UniStrong Science or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Beijing UniStrong Science vs. Citic Guoan Wine
Performance |
| Timeline |
| Beijing UniStrong Science |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
| Citic Guoan Wine |
Beijing UniStrong and Citic Guoan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing UniStrong and Citic Guoan
The main advantage of trading using opposite Beijing UniStrong and Citic Guoan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing UniStrong position performs unexpectedly, Citic Guoan 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 Guoan will offset losses from the drop in Citic Guoan's long position.| Beijing UniStrong vs. Zotye Automobile Co | Beijing UniStrong vs. Hubei Tech Semiconductors | Beijing UniStrong vs. Nanjing Putian Telecommunications | Beijing UniStrong vs. Nexchip Semiconductor Corp |
| Citic Guoan vs. Agricultural Bank of | Citic Guoan vs. Postal Savings Bank | Citic Guoan vs. Bank of Communications | Citic Guoan vs. China Merchants Bank |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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