Correlation Between Xi An and China Mobile
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By analyzing existing cross correlation between Xi An Triangle and China Mobile Limited, you can compare the effects of market volatilities on Xi An 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 Xi An with a short position of China Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xi An and China Mobile.
Diversification Opportunities for Xi An and China Mobile
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 300775 and China is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Xi An Triangle 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 Xi An 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 Xi An Triangle 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 Xi An i.e., Xi An and China Mobile go up and down completely randomly.
Pair Corralation between Xi An and China Mobile
Assuming the 90 days trading horizon Xi An Triangle is expected to under-perform the China Mobile. In addition to that, Xi An is 2.65 times more volatile than China Mobile Limited. It trades about -0.09 of its total potential returns per unit of risk. China Mobile Limited is currently generating about 0.14 per unit of volatility. If you would invest 10,265 in China Mobile Limited on September 1, 2024 and sell it today you would earn a total of 373.00 from holding China Mobile Limited or generate 3.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Xi An Triangle vs. China Mobile Limited
Performance |
| Timeline |
| Xi An Triangle |
| China Mobile Limited |
Xi An and China Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xi An and China Mobile
The main advantage of trading using opposite Xi An and China Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xi An 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.| Xi An vs. Fujian Newland Computer | Xi An vs. CSSC Offshore Marine | Xi An vs. Xiangyang Automobile Bearing | Xi An vs. Ningbo Fangzheng Automobile |
| China Mobile vs. Kweichow Moutai Co | China Mobile vs. NAURA Technology Group | China Mobile vs. APT Medical | China Mobile vs. BYD Co Ltd |
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 Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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