Correlation Between China Mobile and Gifore Agricultural
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By analyzing existing cross correlation between China Mobile Limited and Gifore Agricultural Machinery, you can compare the effects of market volatilities on China Mobile and Gifore Agricultural 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 Gifore Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Gifore Agricultural.
Diversification Opportunities for China Mobile and Gifore Agricultural
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Gifore is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Gifore Agricultural Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gifore Agricultural 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 Gifore Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gifore Agricultural has no effect on the direction of China Mobile i.e., China Mobile and Gifore Agricultural go up and down completely randomly.
Pair Corralation between China Mobile and Gifore Agricultural
Assuming the 90 days trading horizon China Mobile is expected to generate 3.3 times less return on investment than Gifore Agricultural. But when comparing it to its historical volatility, China Mobile Limited is 2.73 times less risky than Gifore Agricultural. It trades about 0.03 of its potential returns per unit of risk. Gifore Agricultural Machinery is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 428.00 in Gifore Agricultural Machinery on October 29, 2024 and sell it today you would earn a total of 60.00 from holding Gifore Agricultural Machinery or generate 14.02% 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. Gifore Agricultural Machinery
Performance |
| Timeline |
| China Mobile Limited |
| Gifore Agricultural |
China Mobile and Gifore Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Gifore Agricultural
The main advantage of trading using opposite China Mobile and Gifore Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Gifore Agricultural 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 Gifore Agricultural will offset losses from the drop in Gifore Agricultural's long position.| China Mobile vs. Sharetronic Data Technology | China Mobile vs. HUAQIN TECHNOLOGY LTD | China Mobile vs. Beijing Mainstreets Investment | China Mobile vs. Postal Savings Bank |
| Gifore Agricultural vs. Agricultural Bank of | Gifore Agricultural vs. Industrial and Commercial | Gifore Agricultural vs. Bank of China | Gifore Agricultural vs. China Construction Bank |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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