Correlation Between China Mobile and Beijing Roborock
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By analyzing existing cross correlation between China Mobile Limited and Beijing Roborock Technology, you can compare the effects of market volatilities on China Mobile and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Beijing Roborock.
Diversification Opportunities for China Mobile and Beijing Roborock
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between China and Beijing is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of China Mobile i.e., China Mobile and Beijing Roborock go up and down completely randomly.
Pair Corralation between China Mobile and Beijing Roborock
Assuming the 90 days trading horizon China Mobile is expected to generate 2.51 times less return on investment than Beijing Roborock. But when comparing it to its historical volatility, China Mobile Limited is 1.98 times less risky than Beijing Roborock. It trades about 0.18 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 23,710 in Beijing Roborock Technology on November 18, 2024 and sell it today you would earn a total of 1,950 from holding Beijing Roborock Technology or generate 8.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Mobile Limited vs. Beijing Roborock Technology
Performance |
| Timeline |
| China Mobile Limited |
| Beijing Roborock Tec |
China Mobile and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Beijing Roborock
The main advantage of trading using opposite China Mobile and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| China Mobile vs. Huayi Brothers Media | China Mobile vs. Keda Clean Energy | China Mobile vs. Mega info Media CoLtd | China Mobile vs. JiShi Media Co |
| Beijing Roborock vs. Eastern Air Logistics | Beijing Roborock vs. Pengxin International Mining | Beijing Roborock vs. Guangzhou Haozhi Industrial | Beijing Roborock vs. Bohai Leasing Co |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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