Correlation Between Cicc Fund and Shenzhen Mindray
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By analyzing existing cross correlation between Cicc Fund Management and Shenzhen Mindray Bio Medical, you can compare the effects of market volatilities on Cicc Fund and Shenzhen Mindray 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 Shenzhen Mindray. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cicc Fund and Shenzhen Mindray.
Diversification Opportunities for Cicc Fund and Shenzhen Mindray
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cicc and Shenzhen is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Cicc Fund Management and Shenzhen Mindray Bio Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Mindray Bio 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 Shenzhen Mindray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Mindray Bio has no effect on the direction of Cicc Fund i.e., Cicc Fund and Shenzhen Mindray go up and down completely randomly.
Pair Corralation between Cicc Fund and Shenzhen Mindray
Assuming the 90 days trading horizon Cicc Fund is expected to generate 2.66 times less return on investment than Shenzhen Mindray. But when comparing it to its historical volatility, Cicc Fund Management is 1.48 times less risky than Shenzhen Mindray. It trades about 0.15 of its potential returns per unit of risk. Shenzhen Mindray Bio Medical is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 23,680 in Shenzhen Mindray Bio Medical on November 29, 2024 and sell it today you would earn a total of 1,848 from holding Shenzhen Mindray Bio Medical or generate 7.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cicc Fund Management vs. Shenzhen Mindray Bio Medical
Performance |
| Timeline |
| Cicc Fund Management |
| Shenzhen Mindray Bio |
Cicc Fund and Shenzhen Mindray Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cicc Fund and Shenzhen Mindray
The main advantage of trading using opposite Cicc Fund and Shenzhen Mindray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cicc Fund position performs unexpectedly, Shenzhen Mindray 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 Shenzhen Mindray will offset losses from the drop in Shenzhen Mindray's long position.| Cicc Fund vs. Songz Automobile Air | Cicc Fund vs. Yuanjie Semiconductor Technology | Cicc Fund vs. Huatian Hotel Group | Cicc Fund vs. Anhui Jianghuai Automobile |
| Shenzhen Mindray vs. Eyebright Medical Technology | Shenzhen Mindray vs. Winner Medical Co | Shenzhen Mindray vs. Touchstone International Medical | Shenzhen Mindray vs. Yuanjie Semiconductor Technology |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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