Correlation Between Sichuan Teway and CITIC Securities
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By analyzing existing cross correlation between Sichuan Teway Food and CITIC Securities Co, you can compare the effects of market volatilities on Sichuan Teway and CITIC Securities 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 Sichuan Teway with a short position of CITIC Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Teway and CITIC Securities.
Diversification Opportunities for Sichuan Teway and CITIC Securities
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sichuan and CITIC is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Teway Food and CITIC Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Securities and Sichuan Teway 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 Sichuan Teway Food are associated (or correlated) with CITIC Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Securities has no effect on the direction of Sichuan Teway i.e., Sichuan Teway and CITIC Securities go up and down completely randomly.
Pair Corralation between Sichuan Teway and CITIC Securities
Assuming the 90 days trading horizon Sichuan Teway Food is expected to generate 1.24 times more return on investment than CITIC Securities. However, Sichuan Teway is 1.24 times more volatile than CITIC Securities Co. It trades about -0.08 of its potential returns per unit of risk. CITIC Securities Co is currently generating about -0.22 per unit of risk. If you would invest 1,545 in Sichuan Teway Food on September 12, 2024 and sell it today you would lose (85.00) from holding Sichuan Teway Food or give up 5.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sichuan Teway Food vs. CITIC Securities Co
Performance |
| Timeline |
| Sichuan Teway Food |
| CITIC Securities |
Sichuan Teway and CITIC Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Teway and CITIC Securities
The main advantage of trading using opposite Sichuan Teway and CITIC Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Teway position performs unexpectedly, CITIC Securities 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 CITIC Securities will offset losses from the drop in CITIC Securities' long position.| Sichuan Teway vs. China Petroleum Chemical | Sichuan Teway vs. PetroChina Co Ltd | Sichuan Teway vs. China State Construction | Sichuan Teway vs. China Railway Group |
| CITIC Securities vs. Kuang Chi Technologies | CITIC Securities vs. Cicc Fund Management | CITIC Securities vs. CICC Fund Management | CITIC Securities vs. FSPG Hi Tech 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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