Correlation Between CIMC Vehicles and Beijing Kingsoft
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By analyzing existing cross correlation between CIMC Vehicles Co and Beijing Kingsoft Office, you can compare the effects of market volatilities on CIMC Vehicles and Beijing Kingsoft 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 CIMC Vehicles with a short position of Beijing Kingsoft. Check out your portfolio center. Please also check ongoing floating volatility patterns of CIMC Vehicles and Beijing Kingsoft.
Diversification Opportunities for CIMC Vehicles and Beijing Kingsoft
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between CIMC and Beijing is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding CIMC Vehicles Co and Beijing Kingsoft Office in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kingsoft Office and CIMC Vehicles 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 CIMC Vehicles Co are associated (or correlated) with Beijing Kingsoft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kingsoft Office has no effect on the direction of CIMC Vehicles i.e., CIMC Vehicles and Beijing Kingsoft go up and down completely randomly.
Pair Corralation between CIMC Vehicles and Beijing Kingsoft
Assuming the 90 days trading horizon CIMC Vehicles Co is expected to generate 0.5 times more return on investment than Beijing Kingsoft. However, CIMC Vehicles Co is 2.0 times less risky than Beijing Kingsoft. It trades about -0.4 of its potential returns per unit of risk. Beijing Kingsoft Office is currently generating about -0.38 per unit of risk. If you would invest 987.00 in CIMC Vehicles Co on October 11, 2024 and sell it today you would lose (104.00) from holding CIMC Vehicles Co or give up 10.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CIMC Vehicles Co vs. Beijing Kingsoft Office
Performance |
| Timeline |
| CIMC Vehicles |
| Beijing Kingsoft Office |
CIMC Vehicles and Beijing Kingsoft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CIMC Vehicles and Beijing Kingsoft
The main advantage of trading using opposite CIMC Vehicles and Beijing Kingsoft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CIMC Vehicles position performs unexpectedly, Beijing Kingsoft 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 Beijing Kingsoft will offset losses from the drop in Beijing Kingsoft's long position.| CIMC Vehicles vs. SUNSEA Telecommunications Co | CIMC Vehicles vs. Nanjing Putian Telecommunications | CIMC Vehicles vs. Southern PublishingMedia Co | CIMC Vehicles vs. Ningbo Ligong Online |
| Beijing Kingsoft vs. Eastroc Beverage Group | Beijing Kingsoft vs. Great Sun Foods Co | Beijing Kingsoft vs. Panda Dairy Corp | Beijing Kingsoft vs. JuneYao Dairy Co |
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 CEOs Directory module to screen CEOs from public companies around the world.
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