Correlation Between China Mobile and Kingclean Electric
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Mobile Limited and Kingclean Electric Co, you can compare the effects of market volatilities on China Mobile and Kingclean Electric 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 Kingclean Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Kingclean Electric.
Diversification Opportunities for China Mobile and Kingclean Electric
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between China and Kingclean is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Kingclean Electric Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingclean Electric 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 Kingclean Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingclean Electric has no effect on the direction of China Mobile i.e., China Mobile and Kingclean Electric go up and down completely randomly.
Pair Corralation between China Mobile and Kingclean Electric
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 1.12 times more return on investment than Kingclean Electric. However, China Mobile is 1.12 times more volatile than Kingclean Electric Co. It trades about 0.27 of its potential returns per unit of risk. Kingclean Electric Co is currently generating about 0.06 per unit of risk. If you would invest 10,636 in China Mobile Limited on September 28, 2024 and sell it today you would earn a total of 824.00 from holding China Mobile Limited or generate 7.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
China Mobile Limited vs. Kingclean Electric Co
Performance |
| Timeline |
| China Mobile Limited |
| Kingclean Electric |
China Mobile and Kingclean Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Kingclean Electric
The main advantage of trading using opposite China Mobile and Kingclean Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Kingclean Electric 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 Kingclean Electric will offset losses from the drop in Kingclean Electric'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 |
| Kingclean Electric vs. Industrial and Commercial | Kingclean Electric vs. Kweichow Moutai Co | Kingclean Electric vs. Agricultural Bank of | Kingclean Electric vs. China Mobile Limited |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |