Correlation Between Cicc Fund and Kangxin New
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By analyzing existing cross correlation between Cicc Fund Management and Kangxin New Materials, you can compare the effects of market volatilities on Cicc Fund and Kangxin New 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 Kangxin New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cicc Fund and Kangxin New.
Diversification Opportunities for Cicc Fund and Kangxin New
-0.86 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cicc and Kangxin is -0.86. Overlapping area represents the amount of risk that can be diversified away by holding Cicc Fund Management and Kangxin New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangxin New Materials 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 Kangxin New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangxin New Materials has no effect on the direction of Cicc Fund i.e., Cicc Fund and Kangxin New go up and down completely randomly.
Pair Corralation between Cicc Fund and Kangxin New
Assuming the 90 days trading horizon Cicc Fund Management is expected to under-perform the Kangxin New. But the stock apears to be less risky and, when comparing its historical volatility, Cicc Fund Management is 5.38 times less risky than Kangxin New. The stock trades about -0.09 of its potential returns per unit of risk. The Kangxin New Materials is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 199.00 in Kangxin New Materials on August 25, 2024 and sell it today you would earn a total of 21.00 from holding Kangxin New Materials or generate 10.55% 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. Kangxin New Materials
Performance |
| Timeline |
| Cicc Fund Management |
| Kangxin New Materials |
Cicc Fund and Kangxin New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cicc Fund and Kangxin New
The main advantage of trading using opposite Cicc Fund and Kangxin New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cicc Fund position performs unexpectedly, Kangxin New 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 Kangxin New will offset losses from the drop in Kangxin New's long position.| Cicc Fund vs. Tongling Nonferrous Metals | Cicc Fund vs. Shandong Hongchuang Aluminum | Cicc Fund vs. Zhejiang Yongjin Metal | Cicc Fund vs. Ye Chiu Metal |
| Kangxin New vs. China Aluminum International | Kangxin New vs. Fiberhome Telecommunication Technologies | Kangxin New vs. Heilongjiang Transport Development | Kangxin New vs. Shanghai Yanpu Metal |
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 Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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