Correlation Between China Mobile and Poly Real
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By analyzing existing cross correlation between China Mobile Limited and Poly Real Estate, you can compare the effects of market volatilities on China Mobile and Poly Real 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 Poly Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Poly Real.
Diversification Opportunities for China Mobile and Poly Real
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between China and Poly is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Poly Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Poly Real Estate 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 Poly Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poly Real Estate has no effect on the direction of China Mobile i.e., China Mobile and Poly Real go up and down completely randomly.
Pair Corralation between China Mobile and Poly Real
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.49 times more return on investment than Poly Real. However, China Mobile Limited is 2.04 times less risky than Poly Real. It trades about 0.05 of its potential returns per unit of risk. Poly Real Estate is currently generating about 0.01 per unit of risk. If you would invest 10,746 in China Mobile Limited on September 27, 2024 and sell it today you would earn a total of 813.00 from holding China Mobile Limited or generate 7.57% 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. Poly Real Estate
Performance |
| Timeline |
| China Mobile Limited |
| Poly Real Estate |
China Mobile and Poly Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Poly Real
The main advantage of trading using opposite China Mobile and Poly Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Poly Real 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 Poly Real will offset losses from the drop in Poly Real's long position.| China Mobile vs. Chengdu Kanghua Biological | China Mobile vs. Beijing Wantai Biological | China Mobile vs. Suzhou Novoprotein Scientific | China Mobile vs. COL Digital Publishing |
| Poly Real vs. PetroChina Co Ltd | Poly Real vs. China Mobile Limited | Poly Real vs. CNOOC Limited | Poly Real vs. Ping An Insurance |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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