Correlation Between China Mobile and Sino Medical
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By analyzing existing cross correlation between China Mobile Limited and Sino Medical Sciences, you can compare the effects of market volatilities on China Mobile and Sino Medical 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 Sino Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Sino Medical.
Diversification Opportunities for China Mobile and Sino Medical
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between China and Sino is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Sino Medical Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Medical Sciences 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 Sino Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Medical Sciences has no effect on the direction of China Mobile i.e., China Mobile and Sino Medical go up and down completely randomly.
Pair Corralation between China Mobile and Sino Medical
Assuming the 90 days trading horizon China Mobile Limited is expected to generate 0.36 times more return on investment than Sino Medical. However, China Mobile Limited is 2.77 times less risky than Sino Medical. It trades about 0.06 of its potential returns per unit of risk. Sino Medical Sciences is currently generating about 0.01 per unit of risk. If you would invest 9,095 in China Mobile Limited on September 2, 2024 and sell it today you would earn a total of 1,543 from holding China Mobile Limited or generate 16.97% 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. Sino Medical Sciences
Performance |
| Timeline |
| China Mobile Limited |
| Sino Medical Sciences |
China Mobile and Sino Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Sino Medical
The main advantage of trading using opposite China Mobile and Sino Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Sino Medical 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 Sino Medical will offset losses from the drop in Sino Medical's long position.| China Mobile vs. Hubei Huaqiang High Tech | China Mobile vs. Songz Automobile Air | China Mobile vs. Jinhe Biotechnology Co | China Mobile vs. Changchun Engley Automobile |
| Sino Medical vs. Nanjing Putian Telecommunications | Sino Medical vs. Shenzhen Hifuture Electric | Sino Medical vs. Tianjin Realty Development | Sino Medical vs. Shenyang Huitian Thermal |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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