Correlation Between China International and Chengdu Spaceon
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By analyzing existing cross correlation between China International Capital and Chengdu Spaceon Electronics, you can compare the effects of market volatilities on China International and Chengdu Spaceon 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 International with a short position of Chengdu Spaceon. Check out your portfolio center. Please also check ongoing floating volatility patterns of China International and Chengdu Spaceon.
Diversification Opportunities for China International and Chengdu Spaceon
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between China and Chengdu is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding China International Capital and Chengdu Spaceon Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Spaceon Elec and China International 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 International Capital are associated (or correlated) with Chengdu Spaceon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Spaceon Elec has no effect on the direction of China International i.e., China International and Chengdu Spaceon go up and down completely randomly.
Pair Corralation between China International and Chengdu Spaceon
Assuming the 90 days trading horizon China International Capital is expected to generate 0.82 times more return on investment than Chengdu Spaceon. However, China International Capital is 1.23 times less risky than Chengdu Spaceon. It trades about 0.36 of its potential returns per unit of risk. Chengdu Spaceon Electronics is currently generating about 0.24 per unit of risk. If you would invest 3,118 in China International Capital on November 27, 2024 and sell it today you would earn a total of 250.00 from holding China International Capital or generate 8.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China International Capital vs. Chengdu Spaceon Electronics
Performance |
| Timeline |
| China International |
| Chengdu Spaceon Elec |
China International and Chengdu Spaceon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China International and Chengdu Spaceon
The main advantage of trading using opposite China International and Chengdu Spaceon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China International position performs unexpectedly, Chengdu Spaceon 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 Chengdu Spaceon will offset losses from the drop in Chengdu Spaceon's long position.| China International vs. Keeson Technology Corp | China International vs. Beijing Mainstreets Investment | China International vs. Hubei Geoway Investment | China International vs. Chengdu Xingrong Investment |
| Chengdu Spaceon vs. BlueFocus Communication Group | Chengdu Spaceon vs. China Satellite Communications | Chengdu Spaceon vs. Fujian Anjoy Foods | Chengdu Spaceon vs. Ligao Foods CoLtd |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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