Correlation Between Shenzhen Glory and AVIC Fund
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By analyzing existing cross correlation between Shenzhen Glory Medical and AVIC Fund Management, you can compare the effects of market volatilities on Shenzhen Glory 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 Glory with a short position of AVIC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Glory and AVIC Fund.
Diversification Opportunities for Shenzhen Glory and AVIC Fund
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shenzhen and AVIC is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Glory Medical 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 Glory 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 Glory Medical 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 Glory i.e., Shenzhen Glory and AVIC Fund go up and down completely randomly.
Pair Corralation between Shenzhen Glory and AVIC Fund
Assuming the 90 days trading horizon Shenzhen Glory Medical is expected to under-perform the AVIC Fund. In addition to that, Shenzhen Glory is 4.63 times more volatile than AVIC Fund Management. It trades about 0.0 of its total potential returns per unit of risk. AVIC Fund Management is currently generating about 0.11 per unit of volatility. If you would invest 850.00 in AVIC Fund Management on September 4, 2024 and sell it today you would earn a total of 164.00 from holding AVIC Fund Management or generate 19.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Glory Medical vs. AVIC Fund Management
Performance |
| Timeline |
| Shenzhen Glory Medical |
| AVIC Fund Management |
Shenzhen Glory and AVIC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Glory and AVIC Fund
The main advantage of trading using opposite Shenzhen Glory and AVIC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Glory 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 Glory vs. Fujian Rongji Software | Shenzhen Glory vs. Inspur Software Co | Shenzhen Glory vs. Linewell Software Co | Shenzhen Glory vs. Mango Excellent Media |
| AVIC Fund vs. Industrial and Commercial | AVIC Fund vs. Kweichow Moutai Co | AVIC Fund vs. Agricultural Bank of | AVIC 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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