Correlation Between China Mobile and Beijing Scitop
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By analyzing existing cross correlation between China Mobile Limited and Beijing Scitop Bio, you can compare the effects of market volatilities on China Mobile and Beijing Scitop 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 Beijing Scitop. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Beijing Scitop.
Diversification Opportunities for China Mobile and Beijing Scitop
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Beijing is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Beijing Scitop Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Scitop Bio 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 Beijing Scitop. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Scitop Bio has no effect on the direction of China Mobile i.e., China Mobile and Beijing Scitop go up and down completely randomly.
Pair Corralation between China Mobile and Beijing Scitop
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.49 times more return on investment than Beijing Scitop. However, China Mobile Limited is 2.06 times less risky than Beijing Scitop. It trades about 0.04 of its potential returns per unit of risk. Beijing Scitop Bio is currently generating about 0.01 per unit of risk. If you would invest 10,543 in China Mobile Limited on November 3, 2024 and sell it today you would earn a total of 554.00 from holding China Mobile Limited or generate 5.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Mobile Limited vs. Beijing Scitop Bio
Performance |
| Timeline |
| China Mobile Limited |
| Beijing Scitop Bio |
China Mobile and Beijing Scitop Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Beijing Scitop
The main advantage of trading using opposite China Mobile and Beijing Scitop positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Beijing Scitop 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 Beijing Scitop will offset losses from the drop in Beijing Scitop's long position.| China Mobile vs. Heilongjiang Transport Development | China Mobile vs. Wasu Media Holding | China Mobile vs. Southern PublishingMedia Co | China Mobile vs. Silkroad Visual Technology |
| Beijing Scitop vs. Fiberhome Telecommunication Technologies | Beijing Scitop vs. Runjian Communication Co | Beijing Scitop vs. Shenyang Huitian Thermal | Beijing Scitop vs. Eastern Communications Co |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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