Correlation Analysis Between CITIC and Calgon Carbon

This module allows you to analyze existing cross correlation between CITIC Limited and Calgon Carbon Corporation. You can compare the effects of market volatilities on CITIC and Calgon Carbon 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 with a short position of Calgon Carbon. See also your portfolio center. Please also check ongoing floating volatility patterns of CITIC and Calgon Carbon.
Horizon     30 Days    Login   to change
Symbolsvs
Compare Efficiency

Comparative Performance

CITIC Limited  
0

Risk-Adjusted Performance

Over the last 30 days CITIC Limited has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental drivers, CITIC is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.
Calgon Carbon  
26

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Calgon Carbon Corporation are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Calgon Carbon sustained solid returns over the last few months and may actually be approaching a breakup point.

CITIC and Calgon Carbon Volatility Contrast

 Predicted Return Density 
      Returns 

CITIC Limited  vs.  Calgon Carbon Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CITIC Limited is expected to under-perform the Calgon Carbon. But the stock apears to be less risky and, when comparing its historical volatility, CITIC Limited is 2.49 times less risky than Calgon Carbon. The stock trades about -0.15 of its potential returns per unit of risk. The Calgon Carbon Corporation is currently generating about 0.38 of returns per unit of risk over similar time horizon. If you would invest  1,115  in Calgon Carbon Corporation on March 26, 2019 and sell it today you would earn a total of  278.00  from holding Calgon Carbon Corporation or generate 24.93% return on investment over 30 days.

Pair Corralation between CITIC and Calgon Carbon

0.79
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy74.42%
ValuesDaily Returns

Diversification Opportunities for CITIC and Calgon Carbon

CITIC Limited diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding CITIC Limited and Calgon Carbon Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Calgon Carbon and CITIC 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 Limited are associated (or correlated) with Calgon Carbon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calgon Carbon has no effect on the direction of CITIC i.e. CITIC and Calgon Carbon go up and down completely randomly.
See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.


 
Search macroaxis.com