Correlation Between China Mobile and Winner Medical Co
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By analyzing existing cross correlation between China Mobile Limited and Winner Medical Co, you can compare the effects of market volatilities on China Mobile and Winner Medical Co 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 Winner Medical Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Winner Medical Co.
Diversification Opportunities for China Mobile and Winner Medical Co
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between China and Winner is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical Co 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 Winner Medical Co. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Medical Co has no effect on the direction of China Mobile i.e., China Mobile and Winner Medical Co go up and down completely randomly.
Pair Corralation between China Mobile and Winner Medical Co
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.78 times more return on investment than Winner Medical Co. However, China Mobile Limited is 1.28 times less risky than Winner Medical Co. It trades about 0.05 of its potential returns per unit of risk. Winner Medical Co is currently generating about -0.03 per unit of risk. If you would invest 7,227 in China Mobile Limited on September 2, 2024 and sell it today you would earn a total of 3,411 from holding China Mobile Limited or generate 47.2% 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. Winner Medical Co
Performance |
| Timeline |
| China Mobile Limited |
| Winner Medical Co |
China Mobile and Winner Medical Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Winner Medical Co
The main advantage of trading using opposite China Mobile and Winner Medical Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Winner Medical Co 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 Winner Medical Co will offset losses from the drop in Winner Medical Co's long position.| China Mobile vs. Hubei Huaqiang High Tech | China Mobile vs. Songz Automobile Air | China Mobile vs. Jinhe Biotechnology Co | China Mobile vs. Changchun Engley Automobile |
| Winner Medical Co vs. Nanjing Putian Telecommunications | Winner Medical Co vs. Shenzhen Hifuture Electric | Winner Medical Co vs. Tianjin Realty Development | Winner Medical Co vs. Shenyang Huitian Thermal |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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