Correlation Between Innovative Medical and Cicc Fund
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By analyzing existing cross correlation between Innovative Medical Management and Cicc Fund Management, you can compare the effects of market volatilities on Innovative Medical and Cicc 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 Innovative Medical with a short position of Cicc Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Innovative Medical and Cicc Fund.
Diversification Opportunities for Innovative Medical and Cicc Fund
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Innovative and Cicc is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Innovative Medical Management and Cicc Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cicc Fund Management and Innovative Medical 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 Innovative Medical Management are associated (or correlated) with Cicc Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cicc Fund Management has no effect on the direction of Innovative Medical i.e., Innovative Medical and Cicc Fund go up and down completely randomly.
Pair Corralation between Innovative Medical and Cicc Fund
Assuming the 90 days trading horizon Innovative Medical is expected to generate 1.14 times less return on investment than Cicc Fund. In addition to that, Innovative Medical is 3.14 times more volatile than Cicc Fund Management. It trades about 0.03 of its total potential returns per unit of risk. Cicc Fund Management is currently generating about 0.1 per unit of volatility. If you would invest 183.00 in Cicc Fund Management on August 28, 2024 and sell it today you would earn a total of 43.00 from holding Cicc Fund Management or generate 23.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Innovative Medical Management vs. Cicc Fund Management
Performance |
| Timeline |
| Innovative Medical |
| Cicc Fund Management |
Innovative Medical and Cicc Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Innovative Medical and Cicc Fund
The main advantage of trading using opposite Innovative Medical and Cicc Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Innovative Medical position performs unexpectedly, Cicc 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 Cicc Fund will offset losses from the drop in Cicc Fund's long position.| Innovative Medical vs. Industrial and Commercial | Innovative Medical vs. China Construction Bank | Innovative Medical vs. Agricultural Bank of | Innovative Medical vs. Bank of China |
| Cicc Fund vs. Industrial and Commercial | Cicc Fund vs. Kweichow Moutai Co | Cicc Fund vs. Agricultural Bank of | Cicc Fund 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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