Correlation Between Beijing Roborock and CICT Mobile
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By analyzing existing cross correlation between Beijing Roborock Technology and CICT Mobile Communication, you can compare the effects of market volatilities on Beijing Roborock and CICT 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 Beijing Roborock with a short position of CICT Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and CICT Mobile.
Diversification Opportunities for Beijing Roborock and CICT Mobile
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and CICT is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and CICT Mobile Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CICT Mobile Communication and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with CICT Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CICT Mobile Communication has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and CICT Mobile go up and down completely randomly.
Pair Corralation between Beijing Roborock and CICT Mobile
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 1.38 times more return on investment than CICT Mobile. However, Beijing Roborock is 1.38 times more volatile than CICT Mobile Communication. It trades about 0.01 of its potential returns per unit of risk. CICT Mobile Communication is currently generating about -0.01 per unit of risk. If you would invest 22,163 in Beijing Roborock Technology on August 27, 2024 and sell it today you would lose (1,811) from holding Beijing Roborock Technology or give up 8.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. CICT Mobile Communication
Performance |
| Timeline |
| Beijing Roborock Tec |
| CICT Mobile Communication |
Beijing Roborock and CICT Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and CICT Mobile
The main advantage of trading using opposite Beijing Roborock and CICT Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, CICT 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 CICT Mobile will offset losses from the drop in CICT Mobile's long position.| Beijing Roborock vs. CGN Nuclear Technology | Beijing Roborock vs. Changjiang Jinggong Steel | Beijing Roborock vs. Lingyuan Iron Steel | Beijing Roborock vs. Bengang Steel Plates |
| CICT Mobile vs. Shenzhen MYS Environmental | CICT Mobile vs. AVIC Fund Management | CICT Mobile vs. Shenzhen Bingchuan Network | CICT Mobile vs. Penghua Shenzhen Energy |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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