Correlation Between China Mobile and Wuhan Hvsen
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By analyzing existing cross correlation between China Mobile Limited and Wuhan Hvsen Biotechnology, you can compare the effects of market volatilities on China Mobile and Wuhan Hvsen 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 Wuhan Hvsen. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Wuhan Hvsen.
Diversification Opportunities for China Mobile and Wuhan Hvsen
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between China and Wuhan is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Wuhan Hvsen Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Hvsen Biotechnology 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 Wuhan Hvsen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Hvsen Biotechnology has no effect on the direction of China Mobile i.e., China Mobile and Wuhan Hvsen go up and down completely randomly.
Pair Corralation between China Mobile and Wuhan Hvsen
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.66 times more return on investment than Wuhan Hvsen. However, China Mobile Limited is 1.52 times less risky than Wuhan Hvsen. It trades about 0.05 of its potential returns per unit of risk. Wuhan Hvsen Biotechnology is currently generating about -0.03 per unit of risk. If you would invest 7,192 in China Mobile Limited on September 3, 2024 and sell it today you would earn a total of 3,446 from holding China Mobile Limited or generate 47.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Mobile Limited vs. Wuhan Hvsen Biotechnology
Performance |
| Timeline |
| China Mobile Limited |
| Wuhan Hvsen Biotechnology |
China Mobile and Wuhan Hvsen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Wuhan Hvsen
The main advantage of trading using opposite China Mobile and Wuhan Hvsen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Wuhan Hvsen 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 Wuhan Hvsen will offset losses from the drop in Wuhan Hvsen's long position.| China Mobile vs. Andon Health Co | China Mobile vs. Jiangsu Yueda Investment | China Mobile vs. Impulse Qingdao Health | China Mobile vs. Metro Investment Development |
| Wuhan Hvsen vs. Chengdu Kanghua Biological | Wuhan Hvsen vs. Beijing Wantai Biological | Wuhan Hvsen vs. Suzhou Novoprotein Scientific | Wuhan Hvsen vs. Aluminum Corp of |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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