Correlation Between Fujian Newland and AVIC Fund
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By analyzing existing cross correlation between Fujian Newland Computer and AVIC Fund Management, you can compare the effects of market volatilities on Fujian Newland and AVIC Fund 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 Fujian Newland with a short position of AVIC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Newland and AVIC Fund.
Diversification Opportunities for Fujian Newland and AVIC Fund
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Fujian and AVIC is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Newland Computer and AVIC Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AVIC Fund Management and Fujian Newland 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 Fujian Newland Computer are associated (or correlated) with AVIC Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AVIC Fund Management has no effect on the direction of Fujian Newland i.e., Fujian Newland and AVIC Fund go up and down completely randomly.
Pair Corralation between Fujian Newland and AVIC Fund
Assuming the 90 days trading horizon Fujian Newland Computer is expected to generate 7.3 times more return on investment than AVIC Fund. However, Fujian Newland is 7.3 times more volatile than AVIC Fund Management. It trades about 0.08 of its potential returns per unit of risk. AVIC Fund Management is currently generating about 0.15 per unit of risk. If you would invest 1,497 in Fujian Newland Computer on August 29, 2024 and sell it today you would earn a total of 441.00 from holding Fujian Newland Computer or generate 29.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Newland Computer vs. AVIC Fund Management
Performance |
| Timeline |
| Fujian Newland Computer |
| AVIC Fund Management |
Fujian Newland and AVIC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Newland and AVIC Fund
The main advantage of trading using opposite Fujian Newland and AVIC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Newland position performs unexpectedly, AVIC Fund 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 AVIC Fund will offset losses from the drop in AVIC Fund's long position.| Fujian Newland vs. Agricultural Bank of | Fujian Newland vs. Industrial and Commercial | Fujian Newland vs. Bank of China | Fujian Newland vs. PetroChina Co Ltd |
| AVIC Fund vs. Suzhou Mingzhi Technology | AVIC Fund vs. Ningbo Tech Bank Co | AVIC Fund vs. GRG Banking Equipment | AVIC Fund vs. Fujian Newland Computer |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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