Correlation Between Cicc Fund and Penyao Environmental
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By analyzing existing cross correlation between Cicc Fund Management and Penyao Environmental Protection, you can compare the effects of market volatilities on Cicc Fund and Penyao Environmental 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 Penyao Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cicc Fund and Penyao Environmental.
Diversification Opportunities for Cicc Fund and Penyao Environmental
-0.87 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cicc and Penyao is -0.87. Overlapping area represents the amount of risk that can be diversified away by holding Cicc Fund Management and Penyao Environmental Protectio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Penyao Environmental 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 Penyao Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Penyao Environmental has no effect on the direction of Cicc Fund i.e., Cicc Fund and Penyao Environmental go up and down completely randomly.
Pair Corralation between Cicc Fund and Penyao Environmental
Assuming the 90 days trading horizon Cicc Fund Management is expected to under-perform the Penyao Environmental. But the stock apears to be less risky and, when comparing its historical volatility, Cicc Fund Management is 8.42 times less risky than Penyao Environmental. The stock trades about -0.09 of its potential returns per unit of risk. The Penyao Environmental Protection is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 518.00 in Penyao Environmental Protection on September 13, 2024 and sell it today you would earn a total of 77.00 from holding Penyao Environmental Protection or generate 14.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cicc Fund Management vs. Penyao Environmental Protectio
Performance |
| Timeline |
| Cicc Fund Management |
| Penyao Environmental |
Cicc Fund and Penyao Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cicc Fund and Penyao Environmental
The main advantage of trading using opposite Cicc Fund and Penyao Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cicc Fund position performs unexpectedly, Penyao Environmental 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 Penyao Environmental will offset losses from the drop in Penyao Environmental's long position.| Cicc Fund vs. Kweichow Moutai Co | Cicc Fund vs. Agricultural Bank of | Cicc Fund vs. China Mobile Limited | Cicc Fund vs. China Construction Bank |
| Penyao Environmental vs. New China Life | Penyao Environmental vs. Ming Yang Smart | Penyao Environmental vs. 159681 | Penyao Environmental vs. 159005 |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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