Correlation Between Songz Automobile and Cicc Fund
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By analyzing existing cross correlation between Songz Automobile Air and Cicc Fund Management, you can compare the effects of market volatilities on Songz Automobile 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 Songz Automobile with a short position of Cicc Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Songz Automobile and Cicc Fund.
Diversification Opportunities for Songz Automobile and Cicc Fund
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Songz and Cicc is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Songz Automobile Air 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 Songz Automobile 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 Songz Automobile Air 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 Songz Automobile i.e., Songz Automobile and Cicc Fund go up and down completely randomly.
Pair Corralation between Songz Automobile and Cicc Fund
Assuming the 90 days trading horizon Songz Automobile Air is expected to generate 2.78 times more return on investment than Cicc Fund. However, Songz Automobile is 2.78 times more volatile than Cicc Fund Management. It trades about 0.09 of its potential returns per unit of risk. Cicc Fund Management is currently generating about 0.1 per unit of risk. If you would invest 556.00 in Songz Automobile Air on October 25, 2024 and sell it today you would earn a total of 132.00 from holding Songz Automobile Air or generate 23.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Songz Automobile Air vs. Cicc Fund Management
Performance |
| Timeline |
| Songz Automobile Air |
| Cicc Fund Management |
Songz Automobile and Cicc Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Songz Automobile and Cicc Fund
The main advantage of trading using opposite Songz Automobile and Cicc Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Songz Automobile 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.| Songz Automobile vs. PetroChina Co Ltd | Songz Automobile vs. Gansu Jiu Steel | Songz Automobile vs. Ming Yang Smart | Songz Automobile vs. Aba Chemicals Corp |
| 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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