Correlation Between CITIC Telecom and EAT WELL
Can any of the company-specific risk be diversified away by investing in both CITIC Telecom and EAT WELL at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CITIC Telecom and EAT WELL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CITIC Telecom International and EAT WELL INVESTMENT, you can compare the effects of market volatilities on CITIC Telecom and EAT WELL 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 CITIC Telecom with a short position of EAT WELL. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIC Telecom and EAT WELL.
Diversification Opportunities for CITIC Telecom and EAT WELL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CITIC and EAT is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CITIC Telecom International and EAT WELL INVESTMENT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EAT WELL INVESTMENT and CITIC Telecom 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 CITIC Telecom International are associated (or correlated) with EAT WELL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EAT WELL INVESTMENT has no effect on the direction of CITIC Telecom i.e., CITIC Telecom and EAT WELL go up and down completely randomly.
Pair Corralation between CITIC Telecom and EAT WELL
If you would invest 27.00 in CITIC Telecom International on December 27, 2024 and sell it today you would lose (1.00) from holding CITIC Telecom International or give up 3.7% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 98.39% |
Values | Daily Returns |
CITIC Telecom International vs. EAT WELL INVESTMENT
Performance |
Timeline |
CITIC Telecom Intern |
EAT WELL INVESTMENT |
CITIC Telecom and EAT WELL Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CITIC Telecom and EAT WELL
The main advantage of trading using opposite CITIC Telecom and EAT WELL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIC Telecom position performs unexpectedly, EAT WELL 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 EAT WELL will offset losses from the drop in EAT WELL's long position.CITIC Telecom vs. Broadridge Financial Solutions | CITIC Telecom vs. Verizon Communications | CITIC Telecom vs. COMPUTERSHARE | CITIC Telecom vs. BII Railway Transportation |
EAT WELL vs. Molson Coors Beverage | EAT WELL vs. Bausch Health Companies | EAT WELL vs. Siemens Healthineers AG | EAT WELL vs. MOLSON RS BEVERAGE |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Content Syndication Quickly integrate customizable finance content to your own investment portal | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |