Correlation Between China Mobile and HanS Laser
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By analyzing existing cross correlation between China Mobile Limited and HanS Laser Tech, you can compare the effects of market volatilities on China Mobile and HanS Laser 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 China Mobile with a short position of HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and HanS Laser.
Diversification Opportunities for China Mobile and HanS Laser
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between China and HanS is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech and China Mobile 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 China Mobile Limited are associated (or correlated) with HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of China Mobile i.e., China Mobile and HanS Laser go up and down completely randomly.
Pair Corralation between China Mobile and HanS Laser
Assuming the 90 days trading horizon China Mobile is expected to generate 12.0 times less return on investment than HanS Laser. But when comparing it to its historical volatility, China Mobile Limited is 1.88 times less risky than HanS Laser. It trades about 0.01 of its potential returns per unit of risk. HanS Laser Tech is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,959 in HanS Laser Tech on September 1, 2024 and sell it today you would earn a total of 675.00 from holding HanS Laser Tech or generate 34.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Mobile Limited vs. HanS Laser Tech
Performance |
| Timeline |
| China Mobile Limited |
| HanS Laser Tech |
China Mobile and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and HanS Laser
The main advantage of trading using opposite China Mobile and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| China Mobile vs. Kweichow Moutai Co | China Mobile vs. NAURA Technology Group | China Mobile vs. APT Medical | China Mobile vs. BYD Co Ltd |
| HanS Laser vs. New China Life | HanS Laser vs. Ming Yang Smart | HanS Laser vs. 159681 | HanS Laser vs. 159005 |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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