Correlation Between Gifore Agricultural and China Mobile
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By analyzing existing cross correlation between Gifore Agricultural Machinery and China Mobile Limited, you can compare the effects of market volatilities on Gifore Agricultural and China 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 Gifore Agricultural with a short position of China Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gifore Agricultural and China Mobile.
Diversification Opportunities for Gifore Agricultural and China Mobile
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gifore and China is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Gifore Agricultural Machinery and China Mobile Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Mobile Limited and Gifore Agricultural 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 Gifore Agricultural Machinery are associated (or correlated) with China Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Mobile Limited has no effect on the direction of Gifore Agricultural i.e., Gifore Agricultural and China Mobile go up and down completely randomly.
Pair Corralation between Gifore Agricultural and China Mobile
Assuming the 90 days trading horizon Gifore Agricultural Machinery is expected to generate 2.69 times more return on investment than China Mobile. However, Gifore Agricultural is 2.69 times more volatile than China Mobile Limited. It trades about 0.04 of its potential returns per unit of risk. China Mobile Limited is currently generating about 0.04 per unit of risk. If you would invest 437.00 in Gifore Agricultural Machinery on October 18, 2024 and sell it today you would earn a total of 79.00 from holding Gifore Agricultural Machinery or generate 18.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.58% |
| Values | Daily Returns |
Gifore Agricultural Machinery vs. China Mobile Limited
Performance |
| Timeline |
| Gifore Agricultural |
| China Mobile Limited |
Gifore Agricultural and China Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gifore Agricultural and China Mobile
The main advantage of trading using opposite Gifore Agricultural and China Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gifore Agricultural position performs unexpectedly, China 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 China Mobile will offset losses from the drop in China Mobile's long position.| Gifore Agricultural vs. Tieling Newcity Investment | Gifore Agricultural vs. Henan Shuanghui Investment | Gifore Agricultural vs. Jointo Energy Investment | Gifore Agricultural vs. Fujian Nanwang Environment |
| China Mobile vs. Hubei Forbon Technology | China Mobile vs. Eit Environmental Development | China Mobile vs. Fujian Nanwang Environment | China Mobile vs. 360 Security 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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