Correlation Between CITIC Securities and Unisplendour Corp
Specify exactly 2 symbols:
By analyzing existing cross correlation between CITIC Securities Co and Unisplendour Corp, you can compare the effects of market volatilities on CITIC Securities and Unisplendour Corp 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 CITIC Securities with a short position of Unisplendour Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIC Securities and Unisplendour Corp.
Diversification Opportunities for CITIC Securities and Unisplendour Corp
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CITIC and Unisplendour is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding CITIC Securities Co and Unisplendour Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unisplendour Corp and CITIC Securities 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 CITIC Securities Co are associated (or correlated) with Unisplendour Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unisplendour Corp has no effect on the direction of CITIC Securities i.e., CITIC Securities and Unisplendour Corp go up and down completely randomly.
Pair Corralation between CITIC Securities and Unisplendour Corp
Assuming the 90 days trading horizon CITIC Securities Co is expected to generate 0.7 times more return on investment than Unisplendour Corp. However, CITIC Securities Co is 1.42 times less risky than Unisplendour Corp. It trades about 0.08 of its potential returns per unit of risk. Unisplendour Corp is currently generating about 0.04 per unit of risk. If you would invest 2,121 in CITIC Securities Co on September 4, 2024 and sell it today you would earn a total of 987.00 from holding CITIC Securities Co or generate 46.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CITIC Securities Co vs. Unisplendour Corp
Performance |
| Timeline |
| CITIC Securities |
| Unisplendour Corp |
CITIC Securities and Unisplendour Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIC Securities and Unisplendour Corp
The main advantage of trading using opposite CITIC Securities and Unisplendour Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIC Securities position performs unexpectedly, Unisplendour Corp 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 Unisplendour Corp will offset losses from the drop in Unisplendour Corp's long position.| CITIC Securities vs. Unisplendour Corp | CITIC Securities vs. Nancal Energy Saving Tech | CITIC Securities vs. Industrial Bank Co | CITIC Securities vs. Sichuan Teway Food |
| Unisplendour Corp vs. Rising Nonferrous Metals | Unisplendour Corp vs. Chengtun Mining Group | Unisplendour Corp vs. Uroica Mining Safety | Unisplendour Corp vs. Western Mining 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |