Correlation Between CICT Mobile and Chongqing Shunbo
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By analyzing existing cross correlation between CICT Mobile Communication and Chongqing Shunbo Aluminum, you can compare the effects of market volatilities on CICT Mobile and Chongqing Shunbo 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 Chongqing Shunbo. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICT Mobile and Chongqing Shunbo.
Diversification Opportunities for CICT Mobile and Chongqing Shunbo
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CICT and Chongqing is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding CICT Mobile Communication and Chongqing Shunbo Aluminum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Shunbo Aluminum 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 Chongqing Shunbo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Shunbo Aluminum has no effect on the direction of CICT Mobile i.e., CICT Mobile and Chongqing Shunbo go up and down completely randomly.
Pair Corralation between CICT Mobile and Chongqing Shunbo
Assuming the 90 days trading horizon CICT Mobile Communication is expected to under-perform the Chongqing Shunbo. In addition to that, CICT Mobile is 1.27 times more volatile than Chongqing Shunbo Aluminum. It trades about -0.04 of its total potential returns per unit of risk. Chongqing Shunbo Aluminum is currently generating about 0.15 per unit of volatility. If you would invest 610.00 in Chongqing Shunbo Aluminum on August 25, 2024 and sell it today you would earn a total of 46.00 from holding Chongqing Shunbo Aluminum or generate 7.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICT Mobile Communication vs. Chongqing Shunbo Aluminum
Performance |
| Timeline |
| CICT Mobile Communication |
| Chongqing Shunbo Aluminum |
CICT Mobile and Chongqing Shunbo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICT Mobile and Chongqing Shunbo
The main advantage of trading using opposite CICT Mobile and Chongqing Shunbo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICT Mobile position performs unexpectedly, Chongqing Shunbo 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 Chongqing Shunbo will offset losses from the drop in Chongqing Shunbo's long position.| CICT Mobile vs. Ming Yang Smart | CICT Mobile vs. 159005 | CICT Mobile vs. Loctek Ergonomic Technology | CICT Mobile vs. Xiamen East Asia |
| Chongqing Shunbo vs. Zijin Mining Group | Chongqing Shunbo vs. Wanhua Chemical Group | Chongqing Shunbo vs. Shandong Gold Mining | Chongqing Shunbo vs. Inner Mongolia BaoTou |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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