Correlation Between China Mobile and Fujian Boss
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By analyzing existing cross correlation between China Mobile Limited and Fujian Boss Software, you can compare the effects of market volatilities on China Mobile and Fujian Boss 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 Fujian Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Fujian Boss.
Diversification Opportunities for China Mobile and Fujian Boss
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between China and Fujian is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Fujian Boss Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Boss Software 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 Fujian Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Boss Software has no effect on the direction of China Mobile i.e., China Mobile and Fujian Boss go up and down completely randomly.
Pair Corralation between China Mobile and Fujian Boss
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.45 times more return on investment than Fujian Boss. However, China Mobile Limited is 2.24 times less risky than Fujian Boss. It trades about -0.28 of its potential returns per unit of risk. Fujian Boss Software is currently generating about -0.24 per unit of risk. If you would invest 11,636 in China Mobile Limited on October 29, 2024 and sell it today you would lose (734.00) from holding China Mobile Limited or give up 6.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Mobile Limited vs. Fujian Boss Software
Performance |
| Timeline |
| China Mobile Limited |
| Fujian Boss Software |
China Mobile and Fujian Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Fujian Boss
The main advantage of trading using opposite China Mobile and Fujian Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Fujian Boss 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 Fujian Boss will offset losses from the drop in Fujian Boss' long position.| China Mobile vs. Nanjing Putian Telecommunications | China Mobile vs. Sichuan Jinshi Technology | China Mobile vs. Strait Innovation Internet | China Mobile vs. Innovative Medical Management |
| Fujian Boss vs. Tongyu Communication | Fujian Boss vs. Fiberhome Telecommunication Technologies | Fujian Boss vs. Masterwork Machinery | Fujian Boss vs. Linzhou Heavy Machinery |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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