Correlation Between Cicc Fund and Heilongjiang Transport
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By analyzing existing cross correlation between Cicc Fund Management and Heilongjiang Transport Development, you can compare the effects of market volatilities on Cicc Fund and Heilongjiang Transport 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 Heilongjiang Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cicc Fund and Heilongjiang Transport.
Diversification Opportunities for Cicc Fund and Heilongjiang Transport
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cicc and Heilongjiang is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Cicc Fund Management and Heilongjiang Transport Develop in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Transport 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 Heilongjiang Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Transport has no effect on the direction of Cicc Fund i.e., Cicc Fund and Heilongjiang Transport go up and down completely randomly.
Pair Corralation between Cicc Fund and Heilongjiang Transport
Assuming the 90 days trading horizon Cicc Fund Management is expected to under-perform the Heilongjiang Transport. But the stock apears to be less risky and, when comparing its historical volatility, Cicc Fund Management is 2.99 times less risky than Heilongjiang Transport. The stock trades about -0.12 of its potential returns per unit of risk. The Heilongjiang Transport Development is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 350.00 in Heilongjiang Transport Development on August 24, 2024 and sell it today you would earn a total of 25.00 from holding Heilongjiang Transport Development or generate 7.14% 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. Heilongjiang Transport Develop
Performance |
| Timeline |
| Cicc Fund Management |
| Heilongjiang Transport |
Cicc Fund and Heilongjiang Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cicc Fund and Heilongjiang Transport
The main advantage of trading using opposite Cicc Fund and Heilongjiang Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cicc Fund position performs unexpectedly, Heilongjiang Transport 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 Heilongjiang Transport will offset losses from the drop in Heilongjiang Transport's long position.| Cicc Fund vs. China Sports Industry | Cicc Fund vs. Changchun Faway Automobile | Cicc Fund vs. Innovative Medical Management | Cicc Fund vs. CICT Mobile Communication |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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