Correlation Between China Mobile and Yili Chuanning
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By analyzing existing cross correlation between China Mobile Limited and Yili Chuanning Biotechnology, you can compare the effects of market volatilities on China Mobile and Yili Chuanning 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 Yili Chuanning. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Yili Chuanning.
Diversification Opportunities for China Mobile and Yili Chuanning
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Yili is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Yili Chuanning Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yili Chuanning Biote 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 Yili Chuanning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yili Chuanning Biote has no effect on the direction of China Mobile i.e., China Mobile and Yili Chuanning go up and down completely randomly.
Pair Corralation between China Mobile and Yili Chuanning
Assuming the 90 days trading horizon China Mobile is expected to generate 30.92 times less return on investment than Yili Chuanning. But when comparing it to its historical volatility, China Mobile Limited is 2.68 times less risky than Yili Chuanning. It trades about 0.0 of its potential returns per unit of risk. Yili Chuanning Biotechnology is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 936.00 in Yili Chuanning Biotechnology on December 4, 2024 and sell it today you would earn a total of 360.00 from holding Yili Chuanning Biotechnology or generate 38.46% 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. Yili Chuanning Biotechnology
Performance |
| Timeline |
| China Mobile Limited |
| Yili Chuanning Biote |
China Mobile and Yili Chuanning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Yili Chuanning
The main advantage of trading using opposite China Mobile and Yili Chuanning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Yili Chuanning 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 Yili Chuanning will offset losses from the drop in Yili Chuanning's long position.| China Mobile vs. AnShan Heavy Duty | China Mobile vs. Hangzhou Zhongya Machinery | China Mobile vs. Iat Automobile Technology | China Mobile vs. Allied Machinery Co |
| Yili Chuanning vs. Guosheng Financial Holding | Yili Chuanning vs. Jiugui Liquor Co | Yili Chuanning vs. Bank of Suzhou | Yili Chuanning vs. Dymatic Chemicals |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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