Correlation Between Giantec Semiconductor and China Mobile
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By analyzing existing cross correlation between Giantec Semiconductor Corp and China Mobile Limited, you can compare the effects of market volatilities on Giantec Semiconductor and China Mobile 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 Giantec Semiconductor with a short position of China Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Giantec Semiconductor and China Mobile.
Diversification Opportunities for Giantec Semiconductor and China Mobile
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Giantec and China is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Giantec Semiconductor Corp and China Mobile Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Mobile Limited and Giantec Semiconductor 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 Giantec Semiconductor Corp are associated (or correlated) with China Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Mobile Limited has no effect on the direction of Giantec Semiconductor i.e., Giantec Semiconductor and China Mobile go up and down completely randomly.
Pair Corralation between Giantec Semiconductor and China Mobile
Assuming the 90 days trading horizon Giantec Semiconductor Corp is expected to generate 4.95 times more return on investment than China Mobile. However, Giantec Semiconductor is 4.95 times more volatile than China Mobile Limited. It trades about 0.23 of its potential returns per unit of risk. China Mobile Limited is currently generating about -0.18 per unit of risk. If you would invest 5,609 in Giantec Semiconductor Corp on November 3, 2024 and sell it today you would earn a total of 1,255 from holding Giantec Semiconductor Corp or generate 22.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Giantec Semiconductor Corp vs. China Mobile Limited
Performance |
| Timeline |
| Giantec Semiconductor |
| China Mobile Limited |
Giantec Semiconductor and China Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Giantec Semiconductor and China Mobile
The main advantage of trading using opposite Giantec Semiconductor and China Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Giantec Semiconductor position performs unexpectedly, China Mobile 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 China Mobile will offset losses from the drop in China Mobile's long position.| Giantec Semiconductor vs. Beijing Kingsoft Office | Giantec Semiconductor vs. Ningbo Jintian Copper | Giantec Semiconductor vs. Shenzhen Zqgame | Giantec Semiconductor vs. Zhejiang Yongjin Metal |
| China Mobile vs. Guangdong Transtek Medical | China Mobile vs. Tinavi Medical Technologies | China Mobile vs. Sunny Loan Top | China Mobile vs. Xiangyu Medical 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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