Correlation Between China Mobile and Jiangxi JDL
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By analyzing existing cross correlation between China Mobile Limited and Jiangxi JDL Environmental, you can compare the effects of market volatilities on China Mobile and Jiangxi JDL 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 Jiangxi JDL. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Jiangxi JDL.
Diversification Opportunities for China Mobile and Jiangxi JDL
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Jiangxi is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Jiangxi JDL Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi JDL Environmental 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 Jiangxi JDL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi JDL Environmental has no effect on the direction of China Mobile i.e., China Mobile and Jiangxi JDL go up and down completely randomly.
Pair Corralation between China Mobile and Jiangxi JDL
Assuming the 90 days trading horizon China Mobile is expected to generate 5.49 times less return on investment than Jiangxi JDL. In addition to that, China Mobile is 1.76 times more volatile than Jiangxi JDL Environmental. It trades about 0.03 of its total potential returns per unit of risk. Jiangxi JDL Environmental is currently generating about 0.25 per unit of volatility. If you would invest 1,090 in Jiangxi JDL Environmental on November 27, 2024 and sell it today you would earn a total of 38.00 from holding Jiangxi JDL Environmental or generate 3.49% 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. Jiangxi JDL Environmental
Performance |
| Timeline |
| China Mobile Limited |
| Jiangxi JDL Environmental |
China Mobile and Jiangxi JDL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Jiangxi JDL
The main advantage of trading using opposite China Mobile and Jiangxi JDL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Jiangxi JDL 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 Jiangxi JDL will offset losses from the drop in Jiangxi JDL's long position.| China Mobile vs. Caihong Display Devices | China Mobile vs. Beijing Kingsoft Office | China Mobile vs. Suofeiya Home Collection | China Mobile vs. Hua Hong Semiconductor |
| Jiangxi JDL vs. Jinhe Biotechnology Co | Jiangxi JDL vs. Ningbo MedicalSystem Biotechnology | Jiangxi JDL vs. Wuhan Hvsen Biotechnology | Jiangxi JDL vs. Beijing Bewinner Communications |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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