Correlation Between Cicc Fund and CareRay Digital
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By analyzing existing cross correlation between Cicc Fund Management and CareRay Digital Medical, you can compare the effects of market volatilities on Cicc Fund and CareRay Digital 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 CareRay Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cicc Fund and CareRay Digital.
Diversification Opportunities for Cicc Fund and CareRay Digital
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cicc and CareRay is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Cicc Fund Management and CareRay Digital Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CareRay Digital Medical 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 CareRay Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CareRay Digital Medical has no effect on the direction of Cicc Fund i.e., Cicc Fund and CareRay Digital go up and down completely randomly.
Pair Corralation between Cicc Fund and CareRay Digital
Assuming the 90 days trading horizon Cicc Fund Management is expected to generate 0.38 times more return on investment than CareRay Digital. However, Cicc Fund Management is 2.6 times less risky than CareRay Digital. It trades about 0.03 of its potential returns per unit of risk. CareRay Digital Medical is currently generating about -0.02 per unit of risk. If you would invest 239.00 in Cicc Fund Management on November 21, 2024 and sell it today you would earn a total of 26.00 from holding Cicc Fund Management or generate 10.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 82.11% |
| Values | Daily Returns |
Cicc Fund Management vs. CareRay Digital Medical
Performance |
| Timeline |
| Cicc Fund Management |
| CareRay Digital Medical |
Cicc Fund and CareRay Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cicc Fund and CareRay Digital
The main advantage of trading using opposite Cicc Fund and CareRay Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cicc Fund position performs unexpectedly, CareRay Digital 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 CareRay Digital will offset losses from the drop in CareRay Digital's long position.| Cicc Fund vs. Jinsanjiang Silicon Material | Cicc Fund vs. JuneYao Dairy Co | Cicc Fund vs. Jiamei Food Packaging | Cicc Fund vs. HaiXin Foods Co |
| CareRay Digital vs. Tibet Huayu Mining | CareRay Digital vs. Epoxy Base Electronic | CareRay Digital vs. Kunshan Guoli Electronic | CareRay Digital vs. Suzhou Industrial Park |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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