Correlation Between Impulse Qingdao and CICC Fund
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By analyzing existing cross correlation between Impulse Qingdao Health and CICC Fund Management, you can compare the effects of market volatilities on Impulse Qingdao 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 Impulse Qingdao with a short position of CICC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and CICC Fund.
Diversification Opportunities for Impulse Qingdao and CICC Fund
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Impulse and CICC is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health 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 Impulse Qingdao 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 Impulse Qingdao Health 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 Impulse Qingdao i.e., Impulse Qingdao and CICC Fund go up and down completely randomly.
Pair Corralation between Impulse Qingdao and CICC Fund
Assuming the 90 days trading horizon Impulse Qingdao Health is expected to under-perform the CICC Fund. In addition to that, Impulse Qingdao is 5.33 times more volatile than CICC Fund Management. It trades about -0.05 of its total potential returns per unit of risk. CICC Fund Management is currently generating about 0.27 per unit of volatility. If you would invest 368.00 in CICC Fund Management on October 21, 2024 and sell it today you would earn a total of 19.00 from holding CICC Fund Management or generate 5.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Impulse Qingdao Health vs. CICC Fund Management
Performance |
| Timeline |
| Impulse Qingdao Health |
| CICC Fund Management |
Impulse Qingdao and CICC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impulse Qingdao and CICC Fund
The main advantage of trading using opposite Impulse Qingdao and CICC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao 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.| Impulse Qingdao vs. Nexchip Semiconductor Corp | Impulse Qingdao vs. Semiconductor Manufacturing Intl | Impulse Qingdao vs. Chongqing Changan Automobile | Impulse Qingdao vs. Lontium Semiconductor Corp |
| CICC Fund vs. Iat Automobile Technology | CICC Fund vs. Wuxi Chemical Equipment | CICC Fund vs. Shenyang Chemical Industry | CICC Fund vs. Dymatic Chemicals |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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