Correlation Between CICT Mobile and Zhuhai Comleader
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By analyzing existing cross correlation between CICT Mobile Communication and Zhuhai Comleader Information, you can compare the effects of market volatilities on CICT Mobile and Zhuhai Comleader 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 Zhuhai Comleader. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICT Mobile and Zhuhai Comleader.
Diversification Opportunities for CICT Mobile and Zhuhai Comleader
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between CICT and Zhuhai is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding CICT Mobile Communication and Zhuhai Comleader Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuhai Comleader Inf 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 Zhuhai Comleader. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuhai Comleader Inf has no effect on the direction of CICT Mobile i.e., CICT Mobile and Zhuhai Comleader go up and down completely randomly.
Pair Corralation between CICT Mobile and Zhuhai Comleader
Assuming the 90 days trading horizon CICT Mobile Communication is expected to generate 0.84 times more return on investment than Zhuhai Comleader. However, CICT Mobile Communication is 1.19 times less risky than Zhuhai Comleader. It trades about 0.02 of its potential returns per unit of risk. Zhuhai Comleader Information is currently generating about -0.01 per unit of risk. If you would invest 541.00 in CICT Mobile Communication on August 28, 2024 and sell it today you would earn a total of 66.00 from holding CICT Mobile Communication or generate 12.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICT Mobile Communication vs. Zhuhai Comleader Information
Performance |
| Timeline |
| CICT Mobile Communication |
| Zhuhai Comleader Inf |
CICT Mobile and Zhuhai Comleader Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICT Mobile and Zhuhai Comleader
The main advantage of trading using opposite CICT Mobile and Zhuhai Comleader positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICT Mobile position performs unexpectedly, Zhuhai Comleader 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 Zhuhai Comleader will offset losses from the drop in Zhuhai Comleader'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 |
| Zhuhai Comleader vs. Telling Telecommunication Holding | Zhuhai Comleader vs. Gan Yuan Foods | Zhuhai Comleader vs. Sunwave Communications Co | Zhuhai Comleader vs. CICT Mobile Communication |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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