Correlation Between Anhui Tongguan and CICT Mobile
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By analyzing existing cross correlation between Anhui Tongguan Copper and CICT Mobile Communication, you can compare the effects of market volatilities on Anhui Tongguan 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 Anhui Tongguan with a short position of CICT Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Tongguan and CICT Mobile.
Diversification Opportunities for Anhui Tongguan and CICT Mobile
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anhui and CICT is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Tongguan Copper 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 Anhui Tongguan 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 Anhui Tongguan Copper 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 Anhui Tongguan i.e., Anhui Tongguan and CICT Mobile go up and down completely randomly.
Pair Corralation between Anhui Tongguan and CICT Mobile
Assuming the 90 days trading horizon Anhui Tongguan Copper is expected to generate 1.02 times more return on investment than CICT Mobile. However, Anhui Tongguan is 1.02 times more volatile than CICT Mobile Communication. It trades about -0.01 of its potential returns per unit of risk. CICT Mobile Communication is currently generating about -0.07 per unit of risk. If you would invest 1,111 in Anhui Tongguan Copper on August 28, 2024 and sell it today you would lose (18.00) from holding Anhui Tongguan Copper or give up 1.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Tongguan Copper vs. CICT Mobile Communication
Performance |
| Timeline |
| Anhui Tongguan Copper |
| CICT Mobile Communication |
Anhui Tongguan and CICT Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Tongguan and CICT Mobile
The main advantage of trading using opposite Anhui Tongguan and CICT Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Tongguan 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.| Anhui Tongguan vs. Lutian Machinery Co | Anhui Tongguan vs. China Longyuan Power | Anhui Tongguan vs. Changshu Tongrun Auto | Anhui Tongguan vs. PetroChina Co Ltd |
| CICT Mobile vs. Shenzhen MYS Environmental | CICT Mobile vs. AVIC Fund Management | CICT Mobile vs. Shenzhen Bingchuan Network | CICT Mobile vs. Penghua Shenzhen Energy |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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