Correlation Between Sunny Loan and CICT Mobile
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By analyzing existing cross correlation between Sunny Loan Top and CICT Mobile Communication, you can compare the effects of market volatilities on Sunny Loan 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 Sunny Loan with a short position of CICT Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Loan and CICT Mobile.
Diversification Opportunities for Sunny Loan and CICT Mobile
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sunny and CICT is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Loan Top 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 Sunny Loan 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 Sunny Loan Top 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 Sunny Loan i.e., Sunny Loan and CICT Mobile go up and down completely randomly.
Pair Corralation between Sunny Loan and CICT Mobile
Assuming the 90 days trading horizon Sunny Loan Top is expected to under-perform the CICT Mobile. In addition to that, Sunny Loan is 1.28 times more volatile than CICT Mobile Communication. It trades about -0.06 of its total potential returns per unit of risk. CICT Mobile Communication is currently generating about -0.03 per unit of volatility. If you would invest 661.00 in CICT Mobile Communication on August 30, 2024 and sell it today you would lose (38.00) from holding CICT Mobile Communication or give up 5.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunny Loan Top vs. CICT Mobile Communication
Performance |
| Timeline |
| Sunny Loan Top |
| CICT Mobile Communication |
Sunny Loan and CICT Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunny Loan and CICT Mobile
The main advantage of trading using opposite Sunny Loan and CICT Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Loan 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.| Sunny Loan vs. China Life Insurance | Sunny Loan vs. Cinda Securities Co | Sunny Loan vs. Piotech Inc A | Sunny Loan vs. Dongxing Sec Co |
| CICT Mobile vs. Tsingtao Brewery Co | CICT Mobile vs. Guangdong Marubi Biotechnology | CICT Mobile vs. Chongqing Brewery Co | CICT Mobile vs. Sunny Loan Top |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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