Correlation Between China Publishing and China Mobile
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By analyzing existing cross correlation between China Publishing Media and China Mobile Limited, you can compare the effects of market volatilities on China Publishing and China Mobile 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 China Publishing with a short position of China Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and China Mobile.
Diversification Opportunities for China Publishing and China Mobile
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between China and China is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and China Mobile Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Mobile Limited and China Publishing 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 China Publishing Media are associated (or correlated) with China Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Mobile Limited has no effect on the direction of China Publishing i.e., China Publishing and China Mobile go up and down completely randomly.
Pair Corralation between China Publishing and China Mobile
Assuming the 90 days trading horizon China Publishing is expected to generate 82.93 times less return on investment than China Mobile. In addition to that, China Publishing is 2.8 times more volatile than China Mobile Limited. It trades about 0.0 of its total potential returns per unit of risk. China Mobile Limited is currently generating about 0.1 per unit of volatility. If you would invest 10,229 in China Mobile Limited on October 26, 2024 and sell it today you would earn a total of 726.00 from holding China Mobile Limited or generate 7.1% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
China Publishing Media vs. China Mobile Limited
Performance |
Timeline |
China Publishing Media |
China Mobile Limited |
China Publishing and China Mobile Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with China Publishing and China Mobile
The main advantage of trading using opposite China Publishing and China Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, China Mobile 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 Mobile will offset losses from the drop in China Mobile's long position.China Publishing vs. Jiujiang Shanshui Technology | China Publishing vs. Guangdong Wens Foodstuff | China Publishing vs. Xiwang Foodstuffs Co | China Publishing vs. Eastroc Beverage Group |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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