Correlation Between China Mobile and Allgens Medical
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By analyzing existing cross correlation between China Mobile Limited and Allgens Medical Technology, you can compare the effects of market volatilities on China Mobile and Allgens Medical 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 Allgens Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Mobile and Allgens Medical.
Diversification Opportunities for China Mobile and Allgens Medical
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Allgens is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding China Mobile Limited and Allgens Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allgens Medical Tech 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 Allgens Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allgens Medical Tech has no effect on the direction of China Mobile i.e., China Mobile and Allgens Medical go up and down completely randomly.
Pair Corralation between China Mobile and Allgens Medical
Assuming the 90 days trading horizon China Mobile is expected to generate 6.35 times less return on investment than Allgens Medical. But when comparing it to its historical volatility, China Mobile Limited is 2.55 times less risky than Allgens Medical. It trades about 0.09 of its potential returns per unit of risk. Allgens Medical Technology is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 1,319 in Allgens Medical Technology on September 14, 2024 and sell it today you would earn a total of 698.00 from holding Allgens Medical Technology or generate 52.92% 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. Allgens Medical Technology
Performance |
Timeline |
China Mobile Limited |
Allgens Medical Tech |
China Mobile and Allgens Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with China Mobile and Allgens Medical
The main advantage of trading using opposite China Mobile and Allgens Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Mobile position performs unexpectedly, Allgens Medical 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 Allgens Medical will offset losses from the drop in Allgens Medical's long position.China Mobile vs. Industrial and Commercial | China Mobile vs. China Construction Bank | China Mobile vs. Agricultural Bank of | China Mobile vs. Bank of China |
Allgens Medical vs. Industrial and Commercial | Allgens Medical vs. Kweichow Moutai Co | Allgens Medical vs. Agricultural Bank of | Allgens Medical 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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