Correlation Between CICT Mobile and Beijing Kaiwen
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By analyzing existing cross correlation between CICT Mobile Communication and Beijing Kaiwen Education, you can compare the effects of market volatilities on CICT Mobile and Beijing Kaiwen 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 CICT Mobile with a short position of Beijing Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICT Mobile and Beijing Kaiwen.
Diversification Opportunities for CICT Mobile and Beijing Kaiwen
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CICT and Beijing is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding CICT Mobile Communication and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education and CICT Mobile 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 CICT Mobile Communication are associated (or correlated) with Beijing Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of CICT Mobile i.e., CICT Mobile and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between CICT Mobile and Beijing Kaiwen
Assuming the 90 days trading horizon CICT Mobile Communication is expected to generate 0.65 times more return on investment than Beijing Kaiwen. However, CICT Mobile Communication is 1.54 times less risky than Beijing Kaiwen. It trades about -0.07 of its potential returns per unit of risk. Beijing Kaiwen Education is currently generating about -0.07 per unit of risk. If you would invest 641.00 in CICT Mobile Communication on August 28, 2024 and sell it today you would lose (35.00) from holding CICT Mobile Communication or give up 5.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICT Mobile Communication vs. Beijing Kaiwen Education
Performance |
| Timeline |
| CICT Mobile Communication |
| Beijing Kaiwen Education |
CICT Mobile and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICT Mobile and Beijing Kaiwen
The main advantage of trading using opposite CICT Mobile and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICT Mobile position performs unexpectedly, Beijing Kaiwen 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 Kaiwen will offset losses from the drop in Beijing Kaiwen's long position.| CICT Mobile vs. Shenzhen MYS Environmental | CICT Mobile vs. AVIC Fund Management | CICT Mobile vs. Shenzhen Bingchuan Network | CICT Mobile vs. Penghua Shenzhen Energy |
| Beijing Kaiwen vs. Fujian Oriental Silver | Beijing Kaiwen vs. Fuzhou Rockchip Electronics | Beijing Kaiwen vs. Leyard Optoelectronic | Beijing Kaiwen vs. Puyang Huicheng Electronic |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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