Correlation Between China Mobile and Wasu Media
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By analyzing existing cross correlation between China Mobile Limited and Wasu Media Holding, you can compare the effects of market volatilities on China Mobile and Wasu Media 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 Mobile with a short position of Wasu Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Wasu Media.
Diversification Opportunities for China Mobile and Wasu Media
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Wasu is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Wasu Media Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wasu Media Holding and China 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 China Mobile Limited are associated (or correlated) with Wasu Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wasu Media Holding has no effect on the direction of China Mobile i.e., China Mobile and Wasu Media go up and down completely randomly.
Pair Corralation between China Mobile and Wasu Media
Assuming the 90 days trading horizon China Mobile is expected to generate 1.59 times less return on investment than Wasu Media. But when comparing it to its historical volatility, China Mobile Limited is 2.0 times less risky than Wasu Media. It trades about 0.11 of its potential returns per unit of risk. Wasu Media Holding is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 663.00 in Wasu Media Holding on September 26, 2024 and sell it today you would earn a total of 91.00 from holding Wasu Media Holding or generate 13.73% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
China Mobile Limited vs. Wasu Media Holding
Performance |
Timeline |
China Mobile Limited |
Wasu Media Holding |
China Mobile and Wasu Media Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with China Mobile and Wasu Media
The main advantage of trading using opposite China Mobile and Wasu Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Wasu Media 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 Wasu Media will offset losses from the drop in Wasu Media's long position.China Mobile vs. Chengdu Kanghua Biological | China Mobile vs. Beijing Wantai Biological | China Mobile vs. Suzhou Novoprotein Scientific | China Mobile vs. COL Digital Publishing |
Wasu Media vs. Industrial and Commercial | Wasu Media vs. Kweichow Moutai Co | Wasu Media vs. Agricultural Bank of | Wasu Media vs. China Mobile Limited |
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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