Correlation Between China Mobile and Suzhou UIGreen
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By analyzing existing cross correlation between China Mobile Limited and Suzhou UIGreen Micro, you can compare the effects of market volatilities on China Mobile and Suzhou UIGreen 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 Suzhou UIGreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Suzhou UIGreen.
Diversification Opportunities for China Mobile and Suzhou UIGreen
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Suzhou is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Suzhou UIGreen Micro in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou UIGreen Micro 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 Suzhou UIGreen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou UIGreen Micro has no effect on the direction of China Mobile i.e., China Mobile and Suzhou UIGreen go up and down completely randomly.
Pair Corralation between China Mobile and Suzhou UIGreen
Assuming the 90 days trading horizon China Mobile is expected to generate 9.91 times less return on investment than Suzhou UIGreen. But when comparing it to its historical volatility, China Mobile Limited is 3.57 times less risky than Suzhou UIGreen. It trades about 0.04 of its potential returns per unit of risk. Suzhou UIGreen Micro is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 2,531 in Suzhou UIGreen Micro on November 3, 2024 and sell it today you would earn a total of 1,564 from holding Suzhou UIGreen Micro or generate 61.79% 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. Suzhou UIGreen Micro
Performance |
| Timeline |
| China Mobile Limited |
| Suzhou UIGreen Micro |
China Mobile and Suzhou UIGreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Mobile and Suzhou UIGreen
The main advantage of trading using opposite China Mobile and Suzhou UIGreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Suzhou UIGreen 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 Suzhou UIGreen will offset losses from the drop in Suzhou UIGreen's long position.| China Mobile vs. Heilongjiang Transport Development | China Mobile vs. Wasu Media Holding | China Mobile vs. Southern PublishingMedia Co | China Mobile vs. Silkroad Visual Technology |
| Suzhou UIGreen vs. Zhejiang Yinlun Machinery | Suzhou UIGreen vs. Xinxiang Chemical Fiber | Suzhou UIGreen vs. Liuzhou Chemical Industry | Suzhou UIGreen vs. Ningbo Bohui Chemical |
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.
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