Correlation Between Nanjing Putian and CICT Mobile
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By analyzing existing cross correlation between Nanjing Putian Telecommunications and CICT Mobile Communication, you can compare the effects of market volatilities on Nanjing Putian 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 Nanjing Putian with a short position of CICT Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Putian and CICT Mobile.
Diversification Opportunities for Nanjing Putian and CICT Mobile
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nanjing and CICT is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Putian Telecommunicati 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 Nanjing Putian 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 Nanjing Putian Telecommunications 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 Nanjing Putian i.e., Nanjing Putian and CICT Mobile go up and down completely randomly.
Pair Corralation between Nanjing Putian and CICT Mobile
Assuming the 90 days trading horizon Nanjing Putian Telecommunications is expected to generate 1.28 times more return on investment than CICT Mobile. However, Nanjing Putian is 1.28 times more volatile than CICT Mobile Communication. 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 329.00 in Nanjing Putian Telecommunications on November 19, 2024 and sell it today you would earn a total of 86.00 from holding Nanjing Putian Telecommunications or generate 26.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanjing Putian Telecommunicati vs. CICT Mobile Communication
Performance |
| Timeline |
| Nanjing Putian Telec |
| CICT Mobile Communication |
Nanjing Putian and CICT Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Putian and CICT Mobile
The main advantage of trading using opposite Nanjing Putian and CICT Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Putian 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.| Nanjing Putian vs. Lootom Telcovideo Network | Nanjing Putian vs. XinJiang GuoTong Pipeline | Nanjing Putian vs. Keda Clean Energy | Nanjing Putian vs. Jointo Energy Investment |
| CICT Mobile vs. Harvest Fund Management | CICT Mobile vs. Shenzhen Prolto Supply | CICT Mobile vs. Allwin Telecommunication Co | CICT Mobile vs. Jilin Jlu Communication |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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