Correlation Between CICT Mobile and Tianjin Silvery
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By analyzing existing cross correlation between CICT Mobile Communication and Tianjin Silvery Dragon, you can compare the effects of market volatilities on CICT Mobile and Tianjin Silvery 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 Tianjin Silvery. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICT Mobile and Tianjin Silvery.
Diversification Opportunities for CICT Mobile and Tianjin Silvery
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CICT and Tianjin is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding CICT Mobile Communication and Tianjin Silvery Dragon in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Silvery Dragon 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 Tianjin Silvery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Silvery Dragon has no effect on the direction of CICT Mobile i.e., CICT Mobile and Tianjin Silvery go up and down completely randomly.
Pair Corralation between CICT Mobile and Tianjin Silvery
Assuming the 90 days trading horizon CICT Mobile is expected to generate 1.35 times less return on investment than Tianjin Silvery. In addition to that, CICT Mobile is 1.2 times more volatile than Tianjin Silvery Dragon. It trades about 0.06 of its total potential returns per unit of risk. Tianjin Silvery Dragon is currently generating about 0.1 per unit of volatility. If you would invest 585.00 in Tianjin Silvery Dragon on September 5, 2024 and sell it today you would earn a total of 30.00 from holding Tianjin Silvery Dragon or generate 5.13% 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. Tianjin Silvery Dragon
Performance |
| Timeline |
| CICT Mobile Communication |
| Tianjin Silvery Dragon |
CICT Mobile and Tianjin Silvery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICT Mobile and Tianjin Silvery
The main advantage of trading using opposite CICT Mobile and Tianjin Silvery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICT Mobile position performs unexpectedly, Tianjin Silvery 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 Tianjin Silvery will offset losses from the drop in Tianjin Silvery's long position.| CICT Mobile vs. Tianjin Silvery Dragon | CICT Mobile vs. Dymatic Chemicals | CICT Mobile vs. Yangmei Chemical Co | CICT Mobile vs. China Sports Industry |
| Tianjin Silvery vs. Wanhua Chemical Group | Tianjin Silvery vs. Baoshan Iron Steel | Tianjin Silvery vs. Rongsheng Petrochemical Co | Tianjin Silvery vs. Shandong Gold Mining |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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