Correlation Between Cicc Fund and IRay Technology
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By analyzing existing cross correlation between Cicc Fund Management and iRay Technology Co, you can compare the effects of market volatilities on Cicc Fund and IRay Technology 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 IRay Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cicc Fund and IRay Technology.
Diversification Opportunities for Cicc Fund and IRay Technology
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cicc and IRay is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Cicc Fund Management and iRay Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iRay Technology 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 IRay Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iRay Technology has no effect on the direction of Cicc Fund i.e., Cicc Fund and IRay Technology go up and down completely randomly.
Pair Corralation between Cicc Fund and IRay Technology
Assuming the 90 days trading horizon Cicc Fund Management is expected to generate 0.34 times more return on investment than IRay Technology. However, Cicc Fund Management is 2.91 times less risky than IRay Technology. It trades about -0.02 of its potential returns per unit of risk. iRay Technology Co is currently generating about -0.02 per unit of risk. If you would invest 242.00 in Cicc Fund Management on September 4, 2024 and sell it today you would lose (20.00) from holding Cicc Fund Management or give up 8.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 71.7% |
| Values | Daily Returns |
Cicc Fund Management vs. iRay Technology Co
Performance |
| Timeline |
| Cicc Fund Management |
| iRay Technology |
Cicc Fund and IRay Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cicc Fund and IRay Technology
The main advantage of trading using opposite Cicc Fund and IRay Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cicc Fund position performs unexpectedly, IRay Technology 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 IRay Technology will offset losses from the drop in IRay Technology'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 |
| IRay Technology vs. Shandong Hongchuang Aluminum | IRay Technology vs. Guangdong Jingyi Metal | IRay Technology vs. Hubei Xingfa Chemicals | IRay Technology vs. Cicc Fund Management |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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