Correlation Between China Mobile and Monalisa Group
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By analyzing existing cross correlation between China Mobile Limited and Monalisa Group Co, you can compare the effects of market volatilities on China Mobile and Monalisa Group 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 Monalisa Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Monalisa Group.
Diversification Opportunities for China Mobile and Monalisa Group
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Monalisa is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Monalisa Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monalisa Group 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 Monalisa Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monalisa Group has no effect on the direction of China Mobile i.e., China Mobile and Monalisa Group go up and down completely randomly.
Pair Corralation between China Mobile and Monalisa Group
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.67 times more return on investment than Monalisa Group. However, China Mobile Limited is 1.5 times less risky than Monalisa Group. It trades about 0.14 of its potential returns per unit of risk. Monalisa Group Co is currently generating about 0.03 per unit of risk. If you would invest 10,265 in China Mobile Limited on September 1, 2024 and sell it today you would earn a total of 373.00 from holding China Mobile Limited or generate 3.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
China Mobile Limited vs. Monalisa Group Co
Performance |
| Timeline |
| China Mobile Limited |
| Monalisa Group |
China Mobile and Monalisa Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Monalisa Group
The main advantage of trading using opposite China Mobile and Monalisa Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Monalisa Group 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 Monalisa Group will offset losses from the drop in Monalisa Group'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 |
| Monalisa Group vs. Industrial and Commercial | Monalisa Group vs. Agricultural Bank of | Monalisa Group vs. China Construction Bank | Monalisa Group vs. Bank of China |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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