Correlation Between CICT Mobile and China International
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By analyzing existing cross correlation between CICT Mobile Communication and China International Capital, you can compare the effects of market volatilities on CICT Mobile and China International 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 China International. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICT Mobile and China International.
Diversification Opportunities for CICT Mobile and China International
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CICT and China is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding CICT Mobile Communication and China International Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China International 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 China International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China International has no effect on the direction of CICT Mobile i.e., CICT Mobile and China International go up and down completely randomly.
Pair Corralation between CICT Mobile and China International
Assuming the 90 days trading horizon CICT Mobile Communication is expected to under-perform the China International. In addition to that, CICT Mobile is 1.04 times more volatile than China International Capital. It trades about -0.01 of its total potential returns per unit of risk. China International Capital is currently generating about 0.0 per unit of volatility. If you would invest 3,917 in China International Capital on August 31, 2024 and sell it today you would lose (361.00) from holding China International Capital or give up 9.22% 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. China International Capital
Performance |
| Timeline |
| CICT Mobile Communication |
| China International |
CICT Mobile and China International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICT Mobile and China International
The main advantage of trading using opposite CICT Mobile and China International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICT Mobile position performs unexpectedly, China International 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 International will offset losses from the drop in China International's long position.| CICT Mobile vs. Kweichow Moutai Co | CICT Mobile vs. NAURA Technology Group | CICT Mobile vs. APT Medical | CICT Mobile vs. Contemporary Amperex Technology |
| China International vs. Innovative Medical Management | China International vs. AVIC Fund Management | China International vs. Humanwell Healthcare Group | China International vs. Anhui Huaren Health |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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