Correlation Between Citic Guoan and SAIC
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By analyzing existing cross correlation between Citic Guoan Wine and SAIC Motor Corp, you can compare the effects of market volatilities on Citic Guoan and SAIC 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 Guoan with a short position of SAIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citic Guoan and SAIC.
Diversification Opportunities for Citic Guoan and SAIC
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Citic and SAIC is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Citic Guoan Wine and SAIC Motor Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SAIC Motor Corp and Citic Guoan 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 Guoan Wine are associated (or correlated) with SAIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SAIC Motor Corp has no effect on the direction of Citic Guoan i.e., Citic Guoan and SAIC go up and down completely randomly.
Pair Corralation between Citic Guoan and SAIC
Assuming the 90 days trading horizon Citic Guoan Wine is expected to under-perform the SAIC. In addition to that, Citic Guoan is 1.34 times more volatile than SAIC Motor Corp. It trades about -0.02 of its total potential returns per unit of risk. SAIC Motor Corp is currently generating about 0.03 per unit of volatility. If you would invest 1,467 in SAIC Motor Corp on October 15, 2024 and sell it today you would earn a total of 296.00 from holding SAIC Motor Corp or generate 20.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citic Guoan Wine vs. SAIC Motor Corp
Performance |
| Timeline |
| Citic Guoan Wine |
| SAIC Motor Corp |
Citic Guoan and SAIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citic Guoan and SAIC
The main advantage of trading using opposite Citic Guoan and SAIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citic Guoan position performs unexpectedly, SAIC 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 SAIC will offset losses from the drop in SAIC's long position.| Citic Guoan vs. Kuangda Technology Group | Citic Guoan vs. Zhengzhou Coal Mining | Citic Guoan vs. Beijing HuaYuanYiTong Thermal | Citic Guoan vs. Changchun UP Optotech |
| SAIC vs. Chengdu Kanghua Biological | SAIC vs. Beijing Wantai Biological | SAIC vs. Suzhou Novoprotein Scientific | SAIC vs. Aluminum Corp of |
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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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