Correlation Between Shenzhen Kexin and China Mobile
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By analyzing existing cross correlation between Shenzhen Kexin Communication and China Mobile Limited, you can compare the effects of market volatilities on Shenzhen Kexin 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 Shenzhen Kexin with a short position of China Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Kexin and China Mobile.
Diversification Opportunities for Shenzhen Kexin and China Mobile
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shenzhen and China is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Kexin Communication 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 Shenzhen Kexin 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 Shenzhen Kexin Communication 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 Shenzhen Kexin i.e., Shenzhen Kexin and China Mobile go up and down completely randomly.
Pair Corralation between Shenzhen Kexin and China Mobile
Assuming the 90 days trading horizon Shenzhen Kexin Communication is expected to under-perform the China Mobile. In addition to that, Shenzhen Kexin is 2.71 times more volatile than China Mobile Limited. It trades about -0.06 of its total potential returns per unit of risk. China Mobile Limited is currently generating about 0.29 per unit of volatility. If you would invest 10,467 in China Mobile Limited on September 19, 2024 and sell it today you would earn a total of 661.00 from holding China Mobile Limited or generate 6.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Kexin Communication vs. China Mobile Limited
Performance |
| Timeline |
| Shenzhen Kexin Commu |
| China Mobile Limited |
Shenzhen Kexin and China Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Kexin and China Mobile
The main advantage of trading using opposite Shenzhen Kexin and China Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Kexin 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.| Shenzhen Kexin vs. Industrial and Commercial | Shenzhen Kexin vs. China Construction Bank | Shenzhen Kexin vs. Bank of China | Shenzhen Kexin vs. Agricultural Bank of |
| China Mobile vs. Tongyu Communication | China Mobile vs. Wintao Communications Co | China Mobile vs. Eastroc Beverage Group | China Mobile vs. Shenzhen Kexin 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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