Correlation Between CITIC Securities and Beijing UniStrong
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By analyzing existing cross correlation between CITIC Securities Co and Beijing UniStrong Science, you can compare the effects of market volatilities on CITIC Securities and Beijing UniStrong 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 Beijing UniStrong. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIC Securities and Beijing UniStrong.
Diversification Opportunities for CITIC Securities and Beijing UniStrong
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between CITIC and Beijing is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding CITIC Securities Co and Beijing UniStrong Science in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing UniStrong Science 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 Beijing UniStrong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing UniStrong Science has no effect on the direction of CITIC Securities i.e., CITIC Securities and Beijing UniStrong go up and down completely randomly.
Pair Corralation between CITIC Securities and Beijing UniStrong
Assuming the 90 days trading horizon CITIC Securities Co is expected to generate 0.73 times more return on investment than Beijing UniStrong. However, CITIC Securities Co is 1.38 times less risky than Beijing UniStrong. It trades about -0.2 of its potential returns per unit of risk. Beijing UniStrong Science is currently generating about -0.18 per unit of risk. If you would invest 2,992 in CITIC Securities Co on October 22, 2024 and sell it today you would lose (252.00) from holding CITIC Securities Co or give up 8.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CITIC Securities Co vs. Beijing UniStrong Science
Performance |
| Timeline |
| CITIC Securities |
| Beijing UniStrong Science |
CITIC Securities and Beijing UniStrong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIC Securities and Beijing UniStrong
The main advantage of trading using opposite CITIC Securities and Beijing UniStrong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIC Securities position performs unexpectedly, Beijing UniStrong 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 UniStrong will offset losses from the drop in Beijing UniStrong's long position.| CITIC Securities vs. COL Digital Publishing | CITIC Securities vs. Beijing Kaiwen Education | CITIC Securities vs. Tangel Publishing | CITIC Securities vs. Heilongjiang Publishing Media |
| Beijing UniStrong vs. Dongguan Tarry Electronics | Beijing UniStrong vs. Iat Automobile Technology | Beijing UniStrong vs. Fuzhou Rockchip Electronics | Beijing UniStrong vs. Leyard Optoelectronic |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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