Correlation Between China Mobile and Oppein Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Mobile Limited and Oppein Home Group, you can compare the effects of market volatilities on China Mobile and Oppein Home 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 Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Oppein Home.
Diversification Opportunities for China Mobile and Oppein Home
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between China and Oppein is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Oppein Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppein Home Group 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 Oppein Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppein Home Group has no effect on the direction of China Mobile i.e., China Mobile and Oppein Home go up and down completely randomly.
Pair Corralation between China Mobile and Oppein Home
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.65 times more return on investment than Oppein Home. However, China Mobile Limited is 1.54 times less risky than Oppein Home. It trades about 0.05 of its potential returns per unit of risk. Oppein Home Group is currently generating about -0.02 per unit of risk. If you would invest 7,192 in China Mobile Limited on September 3, 2024 and sell it today you would earn a total of 3,446 from holding China Mobile Limited or generate 47.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Mobile Limited vs. Oppein Home Group
Performance |
| Timeline |
| China Mobile Limited |
| Oppein Home Group |
China Mobile and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Oppein Home
The main advantage of trading using opposite China Mobile and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Oppein Home 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 Oppein Home will offset losses from the drop in Oppein Home's long position.| China Mobile vs. Andon Health Co | China Mobile vs. Jiangsu Yueda Investment | China Mobile vs. Impulse Qingdao Health | China Mobile vs. Metro Investment Development |
| Oppein Home vs. PetroChina Co Ltd | Oppein Home vs. China Mobile Limited | Oppein Home vs. Industrial and Commercial | Oppein Home vs. China Life 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Commodity Directory Find actively traded commodities issued by global exchanges |