Correlation Between XinJiang GuoTong and AVIC Fund
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and AVIC Fund Management, you can compare the effects of market volatilities on XinJiang GuoTong 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 XinJiang GuoTong with a short position of AVIC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and AVIC Fund.
Diversification Opportunities for XinJiang GuoTong and AVIC Fund
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between XinJiang and AVIC is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline 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 XinJiang GuoTong 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 XinJiang GuoTong Pipeline 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 XinJiang GuoTong i.e., XinJiang GuoTong and AVIC Fund go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and AVIC Fund
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to under-perform the AVIC Fund. In addition to that, XinJiang GuoTong is 4.08 times more volatile than AVIC Fund Management. It trades about -0.01 of its total potential returns per unit of risk. AVIC Fund Management is currently generating about 0.05 per unit of volatility. If you would invest 884.00 in AVIC Fund Management on August 25, 2024 and sell it today you would earn a total of 122.00 from holding AVIC Fund Management or generate 13.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 84.1% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. AVIC Fund Management
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| AVIC Fund Management |
XinJiang GuoTong and AVIC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and AVIC Fund
The main advantage of trading using opposite XinJiang GuoTong and AVIC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong 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.| XinJiang GuoTong vs. Yindu Kitchen Equipment | XinJiang GuoTong vs. GRINM Semiconductor Materials | XinJiang GuoTong vs. StarPower Semiconductor | XinJiang GuoTong vs. Shandong Polymer Biochemicals |
| AVIC Fund vs. Guangzhou Automobile Group | AVIC Fund vs. Weichai Heavy Machinery | AVIC Fund vs. Anhui Huilong Agricultural | AVIC Fund vs. Haima Automobile Group |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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