Correlation Between China Construction and Beijing UniStrong
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By analyzing existing cross correlation between China Construction Bank and Beijing UniStrong Science, you can compare the effects of market volatilities on China Construction and Beijing UniStrong 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 Construction with a short position of Beijing UniStrong. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Construction and Beijing UniStrong.
Diversification Opportunities for China Construction and Beijing UniStrong
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between China and Beijing is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding China Construction Bank and Beijing UniStrong Science in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing UniStrong Science and China Construction 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 Construction Bank are associated (or correlated) with Beijing UniStrong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing UniStrong Science has no effect on the direction of China Construction i.e., China Construction and Beijing UniStrong go up and down completely randomly.
Pair Corralation between China Construction and Beijing UniStrong
Assuming the 90 days trading horizon China Construction Bank is expected to generate 0.48 times more return on investment than Beijing UniStrong. However, China Construction Bank is 2.06 times less risky than Beijing UniStrong. It trades about -0.11 of its potential returns per unit of risk. Beijing UniStrong Science is currently generating about -0.18 per unit of risk. If you would invest 862.00 in China Construction Bank on October 22, 2024 and sell it today you would lose (28.00) from holding China Construction Bank or give up 3.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Construction Bank vs. Beijing UniStrong Science
Performance |
| Timeline |
| China Construction Bank |
| Beijing UniStrong Science |
China Construction and Beijing UniStrong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Construction and Beijing UniStrong
The main advantage of trading using opposite China Construction and Beijing UniStrong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Construction position performs unexpectedly, Beijing UniStrong 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 UniStrong will offset losses from the drop in Beijing UniStrong's long position.| China Construction vs. Pengxin International Mining | China Construction vs. Western Metal Materials | China Construction vs. Guangdong Jingyi Metal | China Construction vs. Easyhome New Retail |
| Beijing UniStrong vs. Dongguan Tarry Electronics | Beijing UniStrong vs. Iat Automobile Technology | Beijing UniStrong vs. Fuzhou Rockchip Electronics | Beijing UniStrong vs. Leyard Optoelectronic |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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