Correlation Between Cicc Fund and Tongyu Communication
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By analyzing existing cross correlation between Cicc Fund Management and Tongyu Communication, you can compare the effects of market volatilities on Cicc Fund and Tongyu Communication 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 Cicc Fund with a short position of Tongyu Communication. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cicc Fund and Tongyu Communication.
Diversification Opportunities for Cicc Fund and Tongyu Communication
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cicc and Tongyu is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Cicc Fund Management and Tongyu Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tongyu Communication and Cicc Fund 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 Cicc Fund Management are associated (or correlated) with Tongyu Communication. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tongyu Communication has no effect on the direction of Cicc Fund i.e., Cicc Fund and Tongyu Communication go up and down completely randomly.
Pair Corralation between Cicc Fund and Tongyu Communication
Assuming the 90 days trading horizon Cicc Fund Management is expected to generate 0.33 times more return on investment than Tongyu Communication. However, Cicc Fund Management is 3.01 times less risky than Tongyu Communication. It trades about 0.32 of its potential returns per unit of risk. Tongyu Communication is currently generating about -0.12 per unit of risk. If you would invest 222.00 in Cicc Fund Management on October 30, 2024 and sell it today you would earn a total of 26.00 from holding Cicc Fund Management or generate 11.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cicc Fund Management vs. Tongyu Communication
Performance |
| Timeline |
| Cicc Fund Management |
| Tongyu Communication |
Cicc Fund and Tongyu Communication Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cicc Fund and Tongyu Communication
The main advantage of trading using opposite Cicc Fund and Tongyu Communication positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cicc Fund position performs unexpectedly, Tongyu Communication 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 Tongyu Communication will offset losses from the drop in Tongyu Communication's long position.| Cicc Fund vs. Industrial and Commercial | Cicc Fund vs. Kweichow Moutai Co | Cicc Fund vs. Agricultural Bank of | Cicc Fund vs. China Mobile Limited |
| Tongyu Communication vs. Bus Online Co | Tongyu Communication vs. Holitech Technology Co | Tongyu Communication vs. Gome Telecom Equipment | Tongyu Communication vs. Cultural Investment Holdings |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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