Correlation Between Hubei Geoway and China Citic
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hubei Geoway Investment and China Citic Bank, you can compare the effects of market volatilities on Hubei Geoway and China Citic 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 Hubei Geoway with a short position of China Citic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Geoway and China Citic.
Diversification Opportunities for Hubei Geoway and China Citic
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hubei and China is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Geoway Investment and China Citic Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Citic Bank and Hubei Geoway 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 Hubei Geoway Investment are associated (or correlated) with China Citic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Citic Bank has no effect on the direction of Hubei Geoway i.e., Hubei Geoway and China Citic go up and down completely randomly.
Pair Corralation between Hubei Geoway and China Citic
If you would invest 0.00 in China Citic Bank on November 8, 2024 and sell it today you would earn a total of 0.00 from holding China Citic Bank or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubei Geoway Investment vs. China Citic Bank
Performance |
| Timeline |
| Hubei Geoway Investment |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| China Citic Bank |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Hubei Geoway and China Citic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubei Geoway and China Citic
The main advantage of trading using opposite Hubei Geoway and China Citic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Geoway position performs unexpectedly, China Citic 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 China Citic will offset losses from the drop in China Citic's long position.The idea behind Hubei Geoway Investment and China Citic Bank pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |