Correlation Between Shenzhen MYS and AVIC Fund
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By analyzing existing cross correlation between Shenzhen MYS Environmental and AVIC Fund Management, you can compare the effects of market volatilities on Shenzhen MYS 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 Shenzhen MYS with a short position of AVIC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and AVIC Fund.
Diversification Opportunities for Shenzhen MYS and AVIC Fund
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shenzhen and AVIC is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental 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 Shenzhen MYS 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 Shenzhen MYS Environmental 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 Shenzhen MYS i.e., Shenzhen MYS and AVIC Fund go up and down completely randomly.
Pair Corralation between Shenzhen MYS and AVIC Fund
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to under-perform the AVIC Fund. In addition to that, Shenzhen MYS is 4.22 times more volatile than AVIC Fund Management. It trades about -0.06 of its total potential returns per unit of risk. AVIC Fund Management is currently generating about 0.23 per unit of volatility. If you would invest 1,067 in AVIC Fund Management on November 3, 2024 and sell it today you would earn a total of 32.00 from holding AVIC Fund Management or generate 3.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. AVIC Fund Management
Performance |
| Timeline |
| Shenzhen MYS Environ |
| AVIC Fund Management |
Shenzhen MYS and AVIC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and AVIC Fund
The main advantage of trading using opposite Shenzhen MYS and AVIC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS 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.| Shenzhen MYS vs. Zijin Mining Group | Shenzhen MYS vs. Wanhua Chemical Group | Shenzhen MYS vs. Baoshan Iron Steel | Shenzhen MYS vs. Shandong Gold Mining |
| AVIC Fund vs. Fujian Wanchen Biotechnology | AVIC Fund vs. Maccura Biotechnology Co | AVIC Fund vs. China Sports Industry | AVIC Fund vs. Ningbo MedicalSystem Biotechnology |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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