Correlation Between China Mobile and Double Medical
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By analyzing existing cross correlation between China Mobile Limited and Double Medical Technology, you can compare the effects of market volatilities on China Mobile and Double Medical 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 Double Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Double Medical.
Diversification Opportunities for China Mobile and Double Medical
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Double is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Double Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Double Medical Technology 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 Double Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Double Medical Technology has no effect on the direction of China Mobile i.e., China Mobile and Double Medical go up and down completely randomly.
Pair Corralation between China Mobile and Double Medical
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.71 times more return on investment than Double Medical. However, China Mobile Limited is 1.41 times less risky than Double Medical. It trades about 0.06 of its potential returns per unit of risk. Double Medical Technology is currently generating about 0.0 per unit of risk. If you would invest 6,805 in China Mobile Limited on September 13, 2024 and sell it today you would earn a total of 3,853 from holding China Mobile Limited or generate 56.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Mobile Limited vs. Double Medical Technology
Performance |
| Timeline |
| China Mobile Limited |
| Double Medical Technology |
China Mobile and Double Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Double Medical
The main advantage of trading using opposite China Mobile and Double Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Double Medical 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 Double Medical will offset losses from the drop in Double Medical's long position.| China Mobile vs. Industrial and Commercial | China Mobile vs. China Construction Bank | China Mobile vs. Agricultural Bank of | China Mobile vs. Bank of China |
| Double Medical vs. Industrial and Commercial | Double Medical vs. Kweichow Moutai Co | Double Medical vs. Agricultural Bank of | Double Medical vs. China Mobile Limited |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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