Correlation Between China Mobile and Xingguang Agricultural
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By analyzing existing cross correlation between China Mobile Limited and Xingguang Agricultural Mach, you can compare the effects of market volatilities on China Mobile and Xingguang Agricultural 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 Xingguang Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Xingguang Agricultural.
Diversification Opportunities for China Mobile and Xingguang Agricultural
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between China and Xingguang is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Xingguang Agricultural Mach in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xingguang Agricultural 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 Xingguang Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xingguang Agricultural has no effect on the direction of China Mobile i.e., China Mobile and Xingguang Agricultural go up and down completely randomly.
Pair Corralation between China Mobile and Xingguang Agricultural
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.37 times more return on investment than Xingguang Agricultural. However, China Mobile Limited is 2.72 times less risky than Xingguang Agricultural. It trades about -0.24 of its potential returns per unit of risk. Xingguang Agricultural Mach is currently generating about -0.26 per unit of risk. If you would invest 11,385 in China Mobile Limited on October 23, 2024 and sell it today you would lose (665.00) from holding China Mobile Limited or give up 5.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
China Mobile Limited vs. Xingguang Agricultural Mach
Performance |
| Timeline |
| China Mobile Limited |
| Xingguang Agricultural |
China Mobile and Xingguang Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Xingguang Agricultural
The main advantage of trading using opposite China Mobile and Xingguang Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Xingguang Agricultural 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 Xingguang Agricultural will offset losses from the drop in Xingguang Agricultural's long position.| China Mobile vs. Uroica Mining Safety | China Mobile vs. Fujian Oriental Silver | China Mobile vs. Jinhui Mining Co | China Mobile vs. JCHX Mining Management |
| Xingguang Agricultural vs. PetroChina Co Ltd | Xingguang Agricultural vs. Industrial and Commercial | Xingguang Agricultural vs. China Petroleum Chemical | Xingguang Agricultural vs. China Construction Bank |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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