Correlation Between CIMC Vehicles and Liaoning Chengda
Specify exactly 2 symbols:
By analyzing existing cross correlation between CIMC Vehicles Co and Liaoning Chengda Biotechnology, you can compare the effects of market volatilities on CIMC Vehicles and Liaoning Chengda 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 CIMC Vehicles with a short position of Liaoning Chengda. Check out your portfolio center. Please also check ongoing floating volatility patterns of CIMC Vehicles and Liaoning Chengda.
Diversification Opportunities for CIMC Vehicles and Liaoning Chengda
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CIMC and Liaoning is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding CIMC Vehicles Co and Liaoning Chengda Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Liaoning Chengda Bio and CIMC Vehicles 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 CIMC Vehicles Co are associated (or correlated) with Liaoning Chengda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Liaoning Chengda Bio has no effect on the direction of CIMC Vehicles i.e., CIMC Vehicles and Liaoning Chengda go up and down completely randomly.
Pair Corralation between CIMC Vehicles and Liaoning Chengda
Assuming the 90 days trading horizon CIMC Vehicles Co is expected to generate 0.88 times more return on investment than Liaoning Chengda. However, CIMC Vehicles Co is 1.14 times less risky than Liaoning Chengda. It trades about 0.0 of its potential returns per unit of risk. Liaoning Chengda Biotechnology is currently generating about -0.05 per unit of risk. If you would invest 924.00 in CIMC Vehicles Co on October 30, 2024 and sell it today you would lose (1.00) from holding CIMC Vehicles Co or give up 0.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CIMC Vehicles Co vs. Liaoning Chengda Biotechnology
Performance |
| Timeline |
| CIMC Vehicles |
| Liaoning Chengda Bio |
CIMC Vehicles and Liaoning Chengda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CIMC Vehicles and Liaoning Chengda
The main advantage of trading using opposite CIMC Vehicles and Liaoning Chengda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CIMC Vehicles position performs unexpectedly, Liaoning Chengda 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 Liaoning Chengda will offset losses from the drop in Liaoning Chengda's long position.| CIMC Vehicles vs. Lianhe Chemical Technology | CIMC Vehicles vs. Cicc Fund Management | CIMC Vehicles vs. Harvest Fund Management | CIMC Vehicles vs. Dymatic Chemicals |
| Liaoning Chengda vs. China Petroleum Chemical | Liaoning Chengda vs. PetroChina Co Ltd | Liaoning Chengda vs. China State Construction | Liaoning Chengda vs. China Railway 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |