Correlation Between China Mobile and Harbin Air
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By analyzing existing cross correlation between China Mobile Limited and Harbin Air Conditioning, you can compare the effects of market volatilities on China Mobile and Harbin Air 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 Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Harbin Air.
Diversification Opportunities for China Mobile and Harbin Air
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between China and Harbin is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning 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 Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of China Mobile i.e., China Mobile and Harbin Air go up and down completely randomly.
Pair Corralation between China Mobile and Harbin Air
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.52 times more return on investment than Harbin Air. However, China Mobile Limited is 1.91 times less risky than Harbin Air. It trades about 0.14 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.07 per unit of risk. If you would invest 10,265 in China Mobile Limited on September 1, 2024 and sell it today you would earn a total of 373.00 from holding China Mobile Limited or generate 3.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Mobile Limited vs. Harbin Air Conditioning
Performance |
| Timeline |
| China Mobile Limited |
| Harbin Air Conditioning |
China Mobile and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Harbin Air
The main advantage of trading using opposite China Mobile and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| China Mobile vs. Kweichow Moutai Co | China Mobile vs. NAURA Technology Group | China Mobile vs. APT Medical | China Mobile vs. BYD Co Ltd |
| Harbin Air vs. Industrial and Commercial | Harbin Air vs. Agricultural Bank of | Harbin Air vs. China Construction Bank | Harbin Air vs. Bank of China |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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